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After a summer full of setbacks, existing-home sales made forward progress in September, indicating that the temporary effects of Hurricanes Harvey and Irma are starting to pass. However, the long-term lack of housing supply means that the increase in sales activity remains modest and fragile for the time being.
The National Association of Realtors' (NAR) existing-home sales increased 0.7 percent to a seasonally adjusted annual rate (SAAR) of 5.39 million in September — up from 5.35 million in August.
This month's sales pace is 1.5 percentage points below September 2016 and is the second lowest SAAR sales pace seen in a year.

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