ISTANBUL

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 in the country amounted to 4.06 million last month, up from 4 million in August.

Existing home sales also increased by 4.1% year-on-year last month.

The median home price in the US existing home market rose 2.1% year-on-year in September to $415,200.

Lawrence Yun, chief economist at NAR, noted that falling mortgage interest rates and improved housing affordability contributed to the increase in sales.

He pointed out that although the housing inventory reached its highest level in five years, it remained below pre-pandemic levels.