US existing-home sales rose 1.5% in September to a seasonally adjusted annual
rate of 3.99 mln, the first monthly increase in four months and slightly above
economists' 3.95 mln forecast, the National Association of Realtors said; August
figures were revised lower. NAR said August and September remain the weakest
months this year, and rising mortgage rates plus elevated home prices have
reduced the pool of qualified buyers. Realtor.com estimates recent rate
repricing over the past five weeks has trimmed buyer purchasing power by just
over 6% — roughly double the typical seasonal discount — a move likely to
further suppress housing activity through year-end.
