Single-Family Home Prices Rise, Condos and Co-Ops Remain the Same
Existing home sales increased 1.5% in September and 4.1% over the year. Housing inventory stepped up to 1.55 million units, reflecting a 1.3% rise from August and 14.0% jump from last year. The median existing home price was $415,200, up 2.1% from last year. The Northeast, South and West posted monthly increases in existing home sales, while the Midwest registered a decline in September.
Single-family home sales rose 1.7% from August and 4.5% from September 2024, with the median price increasing 2.3% from last year to $420,700. Condo and co-op sales stayed the same over the month and over the year at 370,000 units in September. Meanwhile, the median price for condos and co-ops edged down 0.6% from the prior year to $360,300.
Homes were typically on the market for 33 days in September, up from 31 days in August and 28 days in September 2024. First-time buyers made up 30% of sales in September, up from 28% in July and 26% in September 2024.