US home sales rise for first time in four months

According to data from the National Association of Realtors (NAR), sales reached a seasonally adjusted annual rate of 3.99 million units, exceeding market expectations of 3.95 million. Meanwhile, the sales figure for August was revised downward.

The median home sales price rose 1.3% year-on-year to $417,500 in September. NAR Chief Economist Lawrence Yun noted that despite the recovery in sales, August and September remained among the weakest months of the year. Elevated home prices and rising mortgage rates continue to put pressure on housing affordability in the United States.