U.S. sales of existing homes rose 1.2% from the previous month to a seasonally adjusted annual rate of 4.10 million, according to the National Association of REALTORS® (NAR), as buyers took advantage of lower mortgage rates this fall. Sales increased in the Midwest and South, held steady in the Northeast, and edged down in the West. Year-over-year, sales were up 1.7%, with gains in the Northeast, Midwest, and South, while the West posted a decline.

Closed Sales decreased 9.2 percent for Existing Homes homes but increased 16.9 percent for New Construction homes. Pending Sales decreased 3.5 percent for Existing Homes homes but increased 10.3 percent for New Construction homes. Inventory increased 10.3 percent for Existing Homes homes and 0.9 percent for New Construction homes.

Median Sales Price increased 6.6 percent to $309,000 for Existing Homes homes but decreased 10.4 percent to $488,100 for New Construction homes. Days on Market increased 5.7 percent for Existing Homes homes but decreased 4.9 percent for New Construction homes.

Months Supply of Inventory increased 4.5 percent for Existing Homes homes but decreased 5.4 percent for New Construction homes. Nationally, inventory dipped 0.7% month-over-month but rose 10.9% yearover-year, totaling 1.52 million units, according to NAR. At the current sales pace, supply stands at 4.4 months, slightly below last month’s level but higher than the 4.1 months recorded a year ago. Supported by modest inventory levels, prices continue to rise, with the national median existing home price increasing 2.1% year-over-year to $415,200, marking 28 consecutive months of annual gains.

*All information courtesy of KCRAR and Heartland MLS