Existing home sales resumed an upward trajectory in September after dipping 2.0 percent in August. The National Association of Realtors® (NAR) said sales of pre-owned single-family houses, townhouses, condominiums, and cooperative apartments rose 7.0 percent in September, although this still left them 2.3 percent behind the pace in September 2020. Sales were at a seasonally adjusted annual level of 6 .29 million units, compared to 5.88 million the previous month and 6.44 million a year earlier.
Analysts polled by both Econoday and Trading Economics had expected sales to rise but undershot with consensus estimates of 6.03 million and 6.09 million units, respectively.
The rate of single-family home sales rose by 400,000 month-over-month, a 7.7 percent increase, to a seasonally adjusted annual rate of 5.59 million, but this was down 3.1 percent from sales the prior September. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 700,000 units, up 1.4 percent from 690,000 in August and 4.5 percent growth from one year ago.