US Existing Home Sales Rose 1.5% in September to 3.99 Million Rate

U.S. existing home sales rose 1.5% month-over-month in September to a seasonally adjusted annual rate of 3.99 million units, according to the National Association of Realtors. The reading topped consensus estimates of 3.95 million to 3.96 million and improved from 3.98 million in August. However, overall market conditions remain constrained, with sales dropping 2.2% year-over-year and falling annually across all four major geographic regions. NAR Chief Economist Lawrence Yun noted that August and September marked the slowest sales months of the year, as elevated mortgage rates continue to create affordability hurdles.