While it has only been two weeks since the Federal Reserve decided to begin lowering interest rates, the decline in rates is already proving to be a boon for some residential markets across the country. According to a new report from Redfin, the decline in interest rates, followed by a fall in mortgage rates, is boosting sales and may even be bringing sellers and buyers back to the market after nearly a year of deteriorating conditions.

Redfin found that September was the first month of the year in which pending sales did not decline, with over half of the 50 most populated metro areas in the country experiencing increases in sales.

"Falling rates are an incentive for homeowners to sell, too, because they know demand is coming back, and they feel less locked in by their relatively low rate," said Max Shadle, an agent with Redfin. "But many people still have an ultra-low mortgage rate from a few years ago, and they're not quite ready to let go."