Mubasher: Sales of previously owned houses in the US retreated in September, following two successive months of gains, despite low mortgage rates.

Total US existing home sales dropped by 2.2% last September to a seasonally adjusted annual rate of 5.38 million units from August, the National Association of Realtors (NAR) said on Tuesday.

However, on an annualised basis, sales rose by 3.9% last month.

With prices rising in all of the four main regions, the median house price was $272,100, climbing by 5.9% from the year before and marking the 91st month of straight yearly price surge.

First-time buyers were responsible for 33% of sales in September, rising from 31% in the previous month, and up from 32% observed in the same month last year.

Total housing inventory came in at 1.83 million at the end of last month, unchanged from the preceding month, but lower than 1.88 million last year, the NAR said.

At September’s pace, it would take 4.1 months to sell the current inventory, compared with the ratio of 4 months in the prior month and 4.4 months a year ago.