Washington: Existing home sales in the US rose 1.5% in September, in line with market expectations, the National Association of Realtors (NAR) announced on Thursday. The number of existing home sales amounted to 4.06 million last month, up from 4 million in August.

According to Anadolu Agency, existing home sales also saw a 4.1% increase year-on-year in September. The median home price in the US existing home market rose 2.1% year-on-year, reaching $415,200.

Lawrence Yun, chief economist at NAR, noted that falling mortgage interest rates and improved housing affordability were key factors contributing to the increase in sales. He highlighted that although the housing inventory reached its highest level in five years, it remained below pre-pandemic levels.