Mortgage Rates Ease, But Affordability Still Restrains Buyers - Luxury Market Leads Gains - video Dailymotion

Benzinga

U.S. existing home sales rose 1.5% in September to 4.06M units, led by luxury sales. Easing mortgage rates spurred refinancing, though affordability remains strained. Analysts see stabilization before recovery in 2026.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02U.S. existing home sales rose 1.5% in September to an annual rate of 4.06 million units,

00:08highest level since February, according to Reuters.

00:10Increase was led by the upper tier of the housing market,

00:13where $1 million-plus home sales jumped 20.2% from a year ago.

00:18Mortgage rates have eased to 6.19%,

00:20prompting more refinancing than new home purchases,

00:23as affordability remains near historically poor levels.

00:25Oxford Economics expects sales to remain flat from early 2026,

00:29before improving as rates decline further and the labor market strengthens.

00:33The unit home price rose 2.1% year-over-year to $450,200.

00:38The inventory increased 14% to 1.55 million units,

00:42but stayed below pre-pandemic levels.

00:44For all things money, visit Benzinga.com.

Mortgage Rates Ease, But Affordability Still Restrains Buyers - Luxury Market Leads Gains

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