By the Numbers
At the same time, the pace of sales continued to slow.
The median price of a new home sold during the month fell to $418,800 from $433,100 in August, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.
At the same time, home sales dropped 20.3% to 4,371 transactions.
The median existing-home price for all housing types in September was $394,300, up 2.8% from $383,500 in September 2022.
Specifically, single-family homes were built at a seasonally adjusted annual rate of 963,000, up 3.2% from 933,000 in August and up 8.6% from 887,000 a year earlier, according to government figures.
A 15% rise in applications for adjustable-rate mortgages drove overall mortgage applications higher in the most recent weekly survey.
The median sale price also declined, but new listings rose.
Located at 4665 Riverview Road in Sandy Springs, the 17,776-square-foot Chestnut Hall is the most-expensive home for sale in Georgia.
Regionally, pending sales were down across the board on both a monthly and an annual basis, the National Association of REALTORS® said.
At the same time, home sales slid 15% year over year to 5,088 transactions, the smallest annual decline of 2023.
Total housing inventory at the end of August was 1.11 million units, up 3.7% from July but down 14.6% on a year-over-year basis, the National Association of REALTORS® said.
CoreLogic expects prices to continue to grow through next year, albeit at a more traditional pace than in the height of the pandemic.
New listings rose on a monthly basis but declined on an annual one.
Pending transactions were in negative territory for most of this year, so the recent increases could bode well for future activity.
A fifth consecutive month of increases in the S&P CoreLogic Case-Shiller U.S. National Home Price Index suggests the housing market recovery that began earlier this year is likely to continue.
The association’s Market Brief showed a positive year-over-year comparison for the first time in four months in July.