• Updated

Sales of previously occupied U.S. homes accelerated in September as declining mortgage rates and a pickup in available properties on the market encouraged home shoppers. The National Association of Realtors said Thursday that existing home sales rose 1.5% last month from August to a seasonally adjusted annual rate of 4.06 million units. That’s the fastest sales pace since February. Sales jumped 4.1% compared with September last year. The national median sales price climbed 2.1% in September from a year earlier to $415,200. The housing market has been in a slump since 2022, when mortgage rates climbed from historic lows. Affordability remains a daunting challenge for most aspiring homeowners following years of skyrocketing home prices.