The National Association of Realtors reported that existing home sales rose 1.5% in September to an annual rate of 3.99 million homes, beating expectations of 3.95 million. However, sales remain close to where they were earlier in the summer, as higher mortgage rates continue to affect buyer activity.

Inventory increased 1.9% to 1.6 million homes, nearly 5% higher than a year ago. The median home price fell 2.4% from August to $417,500 but remains up 1.3% year over year. This monthly drop was partly due to more sales in the South, where homes tend to cost less. The median price reflects the homes sold that month, not the change in value of the same homes over time.

Homes spent an average of 33 days on the market, up from 31 days in August. About 16% sold above the asking price, down from 21% a year ago. First-time buyers made up 31% of sales, while cash buyers accounted for 27%. Investor purchases rose to 20%, up from 15% last month.

Existing home sales are showing modest improvement, while rising inventory may give buyers more choices and room to negotiate.

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