The National Association of Realtors (NAR) reports that the seasonally adjusted annual rate of existing home sales in September rose 4.7% to a seasonally adjusted annual rate of 5.55 million from a downwardly revised total of 5.3 million in August.

Existing home sales have increased on a year-over-year basis for 12 consecutive months and are now 8.8% higher than in September 2014.

The consensus estimate called for sales to reach 5.35 million, according to a survey of economists polled by Bloomberg.

Housing inventory decreased by 2.6% in September, to 2.21 million homes, which is equal to a supply of 4.8 months, down from a 5.1-month supply in August, but still well above the total of 1.88 million homes in inventory at the end of December 2014.

According to the NAR, the national median existing home price for all housing types in September was $221,900, up 6.1% compared with September 2014, the 43rd consecutive month of rising home prices. In August the national median price was $228,700.

NAR’s chief economist said:

Despite persistent inventory shortages, the housing market has made great strides this year, backed by an increasing share of pent–up sellers realizing the increased equity they’ve gained from rising home prices and using it towards trading up or moving into a smaller home. Unfortunately, first–time buyers are still failing to generate any meaningful traction this year.

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The percentage of first-time buyers fell to 29% in September, down from 32% in August. In September of 2014, first-time buyers also accounted for 29% of all sales.

Sales of single-family homes rose 5.3% from August at a seasonally adjusted annual rate of 4.93 million, up 9.6% compared with September a year ago. Sales of multifamily homes remained unchanged in September at a seasonally adjusted annual rate of 620,000 units.

Foreclosed and short sales accounted for 7% of September sales, down from 10% in August 2014. Foreclosures sold at an average 17% discount to the September median price, and short sales sold at a discount of 19%.

All homes were on the market for an average of 49 days in September, up from 47 days in August. Foreclosed homes were on the market for an average of 57 days, and short sales took a median of 135 days to sell. Non-distressed homes took 48 days to sell, and 38% of homes sold in September were on the market for less than a month.

The NAR also reported the following regional data:

August existing-home sales in the Northeast rose 8.6% to an annual rate of 760,000, and are now 11.8% above a year ago. The median price in the Northeast was $256,500, which is 4% higher than September 2014.

In the Midwest, existing-home sales rose by 2.3% to an annual rate of 1.31 million in September, and are 12% above September 2014 sales. The median price in the Midwest was $174,400, up 5.4% from a year ago.

Existing-home sales in the South rose 3.8% to an annual rate of 2.21 million in September, and are now 5.7% above September 2014. The median price in the South was $191,500, up 6.2% from a year ago.

Existing-home sales in the West increased by 6.7% to an annual rate of 1.27 million in September, and are now 9.5% higher than a year ago. The median price in the West was $318,100, which is 8% above September 2014.

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