The National Association of Realtors reported that year-over-year existing home sales increased 3.9% from 2018. 
On a month-to-month basis, existing home sales decreased 2.2% from August to a seasonally adjusted annual rate of 5.38 million in September.
Inventory continues to be the single biggest factor impacting the overall market, with the number of homes for sale falling 3% from September 2018.
All told, home views, low interest rates and a strong economic climate continue to fuel overall higher prices on a national basis.
“Home prices are rising too rapidly because of the housing shortage, and this lack of inventory is preventing home sales growth potential,” stated Lawrence Yun, NAR’s chief economist.
The press release also stated:
“The median existing-home price for all housing types in September was $272,100, up 5.9% from September 2018 ($256,900), as prices rose in all regions. September’s price increase marks 91 straight months of year-over-year gains.
Total housing inventory at the end of September sat at 1.83 million, approximately equal to the amount of existing-homes available for sale in August, but a 2.7% decrease from 1.88 million one year ago. Unsold inventory is at a 4.1-month supply at the current sales pace, up from 4.0 months in August and down from the 4.4-month figure recorded in September 2018.
Properties typically remained on the market for 32 days in September, up from 31 days in August and even with September 2018. Forty-nine percent of homes sold in September 2019 were on the market for less than a month.
First-time buyers were responsible for 33% of sales in September, up from 31% in August and 32% recorded in September 2018. NAR’s 2018 Profile of Home Buyers and Sellers – released in late 20184 – revealed that the annual share of first-time buyers was 33%.”