Existing-home sales rise 2.4% in September - MarketWatch
Sales of existing homes rose 2.4% in September to a seasonally adjusted
annual rate of 5.17 million, hitting the fastest pace in one year and
rebounding from an unexpected drop in August, the National Association
of Realtors reported Tuesday. Economists polled by MarketWatch had
expected the sales rate to increase to 5.1 million in September from
5.05 million in August. "Low interest rates and price gains holding
steady led to September's healthy increase," said Lawrence Yun, NAR's
chief economist. However, September's pace of sales was down 1.7% from a
year earlier, signaling shakiness in the market. The median sales price
of used homes hit $209,700 in September, up 5.6% from the year-earlier
period. September's inventory was 2.3 million existing homes for sale, a
5.3-month supply at the current sales pace. The number of homes
available for sale was up 6% from the year-earlier period.
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