Prior month 3.98 millionDetails for September Existing home sales annualized sales rate of 3.99 million versus 3.95 million estimateExisting-home sales: +1.5% month over month in September.Regional monthly sales:Increased in the South and West, unchanged in the Midwest, and declined in the Northeast.Year-over-year sales:Declined in all four regions.Market conditions:Higher inventory and longer selling times are giving buyers more negotiating power.US existing-home sales increased 1.5% in September, according to the National Association of Realtors (NAR). The gain offers some encouragement, but the broader picture remains soft. August and September were the two slowest months for sales this year on a seasonally adjusted basis.NAR Chief Economist Lawrence Yun said recent increases in mortgage rates are making it harder for buyers to qualify. Meanwhile, higher inventory and longer selling times mean sellers may need to offer price discounts or other incentives. Buyers have more negotiating power, but financing remains a hurdle.Quick analysis:Sales moved higher, but one monthly gain does not establish a recovery. Annual declines across all four regions point to continued weakness. Softer housing demand could weigh on growth and support lower yields at the margin, although this report alone is unlikely to change the Federal Reserve’s policy outlook.What this report measures:Existing-home sales track completed purchases of previously owned homes, including single-family houses, condominiums and co-ops. The headline sales level is seasonally adjusted and annualized, meaning it expresses the monthly pace as a yearly rate. Traders watch the report for clues about housing demand and the impact of mortgage rates. This article was written by Greg Michalowski at investinglive.com.