Existing-house sales increased 7.0% in September to a seasonally changed yearly rate of 6.29 million, according to the National Association of Realtors (NAR). Sales fell year-over-year, down 2.3% from September 2020. First-time purchasers was accountable for 28% of sales in September, below 29% in August and 31% in September 2020.
Lawrence Yun, NAR’s primary financial expert, specifies that “First-time buyers are hit particularly hard by the historically high home prices as they largely do not have the savings required to buy a home or equity to offset such a purchase.”
The overall real estate stock in September was 1.27 million systems, down 0.8% from August’s stock and down 13.0% from one year ago (1.46 million). The average house rate was $352,800, up 13.3% from September 2020 ($311,500), as costs increased in every area. This marks 115 straight months of year-over-year gains.
Distressed sales represented less than 1% of sales in September, equivalent to the previous month’s portion and equivalent to September 2020.
Read the NAR release.