Existing-home sales rose 3.2 percent in September to the highest sales pace since June, according to the National Association of Realtors®. The gains were propelled by sales from first-time buyers, which reached a 34 percent share, a high not seen in more than four years. All major regions saw an increase in closings last month, and distressed sales fell to a new low of 4 percent of the market.
Lawrence Yun, NAR chief economist, says the two-month slump in existing sales reversed course convincingly in September. “The home search over the past several months for a lot of prospective buyers, and especially for first-time buyers, took longer than usual because of the competition for the minimal amount of homes for sale,” he said. “Most families and move-up buyers look to close before the new school year starts. Their diminishing presence from the market towards the end of summer created more opportunities for aspiring first-time homeowners to buy last month.”
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