This is equivalent to 2.4 months of supply at the current monthly sale pace, a 7.7% decrease from August 2021. Year-over-year, inventory of unsold homes decreased 13% in September to 1.27 million. “MBA’s purchase application data showed an 8% gain in September, which is evidence of growing demand for buying a home and supports further sales increases in the months ahead.” “The gain in existing home-sales in September reflects contracts signed earlier in the summer,” Mike Fratantoni, MBA SVP and chief economist said in a statement.
Despite this increase, sales of existing homes are still down 2.3% from a year ago. Existing-home sales rose 7.0% in September after waning in August, according to a new report National Association of Realtors released Thursday.
