Existing Home Sales Rise in September
Washington, DC, Oct. 21, 2014 -- Home resales rose 2.4% in September to a seasonally adjusted annual rate of 5.17 million, according to the National Association of Realtors.
That was the fastest pace in a year and a reversal from an unexpected drop in August. However it was down 1.7% from a year earlier.
Economists had expected the 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.
The median sales price of used homes hit $209,700 in September, up 5.6% from a year ago.