Higher mortgage rates keep home sales stuck around year-to-date lows
U.S. existing-home sales increased 1.5% in September from August to a seasonally adjusted annual rate, but overall sales dropped 2.2% compared to a year ago. Elevated mortgage rates near 7% continue to lock out prospective buyers and keep the housing market stuck in a prolonged slump. Even as inventory rises, persistent high prices and borrowing costs discourage purchasing activity across the country, leaving sales hovering near year-to-date lows and dimming the broader outlook for the housing sector.
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- ✓ Existing-home sales rose 1.5% in September according to a National Association of Realtors report.
- ✓ Home sales dropped 2.2% from a year ago as mortgage rates rose.
- ✓ Mortgage rates near 7% keep buyers locked out as inventory rises but prices stay high.
What changed
Existing-home sales posted a 1.5% monthly increase in September, though annual figures show sales remain depressed by 2.2%.
Live updates
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Higher Mortgage Rates Keep U.S. Home Sales Near Year-to-Date Lows
U.S. existing-home sales increased 1.5% in September from August to a seasonally adjusted annual rate, but overall sales dropped 2.2% compared to a year ago. Elevated mortgage rates near 7% continue to lock out prospective buyers and keep the housing market stuck in a prolonged slump. Even as inventory rises, persistent high prices and borrowing costs discourage purchasing activity across the country, leaving sales hovering near year-to-date lows and dimming the broader outlook for the housing sector.
Why it matters
The U.S. housing market has faced a persistent slump since 2022 when mortgage rates began climbing away from pandemic-era lows. High borrowing expenses paired with elevated property values create a difficult environment for buyers. These combined pressures continue to suppress transaction volumes despite minor monthly improvements.
What is confirmed
- Existing-home sales rose 1.5% in September according to a National Association of Realtors report.
- Home sales dropped 2.2% from a year ago as mortgage rates rose.
- Mortgage rates near 7% keep buyers locked out as inventory rises but prices stay high.
Still unconfirmed
- The Rhode Island housing market is seeing a surprising shift in buyer behavior.
What to watch next
- Future movements in U.S. mortgage rates and whether they sustain or break the 7% threshold
- Upcoming National Association of Realtors housing data reports to track whether September's monthly increase signals a trend or a temporary blip
confidence 95%Sources used for this update (12)
- finance.yahoo.com — Yahoo Finance - Stock Market Live, Quotes, Business & Finance News
- www.investing.com — Investing.com - Stock Market Quotes & Financial News
- silverseek.com — The COMEX Silver Drain Continues | SilverSeek
- Yahoo Finance — Higher mortgage rates keep home sales stuck around year-to-date lows
- National Association of REALTORS® — Existing-Home Sales Increased 1.5% in September, According to NAR Report
- KITCO — Gold price holding steady as U.S. existing home sales rise 1.5%
- Reuters — US existing home sales rise in September; higher mortgage rates dim outlook
- Patch — Rhode Island Housing Market Sees A Surprising Shift In Buyer Behavior
- fortune.com — 'A very tough market': U.S. home sales fell 2.2% from last ...
- finance.yahoo.com — Higher mortgage rates keep home sales stuck around year-to ...
- finance.yahoo.com — US home sales rose in September, but slowed from a year ...
- capitaldigest.com — US Home Sales Weak as 7% Mortgage Rates Lock Out Buyers
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