08:57 AM EDT, 10/18/2024 (MT Newswires) -- Redfin (RDFN) said Friday that pending US home sales in September rose 3.1% from a year earlier, marking the largest increase since May 2021.

On a month-over-month basis, pending US home sales in September rose 2.5% on a seasonally adjusted basis.

The company said pending sales increased as "mortgage rates fell to the lowest level in two years" and "the Federal Reserve cut interest rates and outlined a plan for future rate cuts."

Existing home sales in September fell 3% on a seasonally adjusted basis to around 4 million from a year earlier. Existing September home sales fell 0.5% from August, Redfin said in a report.

The median sale price in September climbed 3.9% from a year earlier to $428,212, the company said.

Price: 10.64, Change: +0.10, Percent Change: +0.95