Washington:US existing-home sales rose by 1.5% in September, surpassing expectations of a 0.8% decline, based on data released by the National Association of Realtors (NAR).

According to Anadolu Agency, sales increased on a monthly basis in the South and West, held steady in the Midwest, and decreased in the Northeast. Despite these regional variations, all four regions experienced declines compared to the previous year.

NAR Chief Economist Lawrence Yun noted that although there was a monthly uptick, August and September were the weakest months for home sales this year. He attributed the decline in buyers' ability to qualify for home purchases to recent increases in mortgage rates.

Yun also pointed out that rising housing inventory and longer selling times are providing buyers with more negotiating power. Sellers are advised to set realistic expectations based on local market conditions and consider price reductions or other incentives to attract buyers.

The report on existing-home sales includes completed transactions for single-family homes, condominiums, and cooperatives.