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Existing-home sales went up by 2.4 percent in September to an annualized, seasonally adjusted 5.17 million units, in part due to low interest rates, according to a NAFCU Macro Data Flash.

NAFCU Staff Economist Doug Christman analyzed data from the National Association of Realtors and found that September marked the highest monthly sales pace for the year.

"Low interest rates and steady home prices supported the improving sales numbers in September, while tight inventory levels continue to restrict stronger growth," Christman said. "Investors have slowed their pace of purchase as the number of distressed homes in the market declines, which has allowed traditional buyers to enter a less competitive market."

In August, existing-home sales dropped by 1.8 percent, which Christman attributed to a decline in investor purchases in anticipation of higher interest rates.

Year-over-year existing-home sales dropped by 1.7 percent. Only one region saw gains in year-over-year sales: the South, which had an increase of 1.4 percent. From August to September, the West had the biggest increase with 7.1 percent, and the Midwest was the only region to see a decrease – dropping 5.6 percent.

The median existing home price decreased from a revised $218,400 in August to $209,700 – not seasonally adjusted – in September, which is still up from $198,500 the year before.