Washington, D.C., October 27--Sales of existing homes rose unexpectedly in September, jumping 3.6 percent to a new record on low mortgage rates and strong demand, the National Association of Realtors said on Monday.
Sales of previously owned homes climbed to a seasonally adjusted annual rate of 6.69 million units from a revised 6.46 million unit clip the month before. The number handily beat expectations of analysts polled by Reuters who had forecast a sales pace of 6.28 million homes.
"It is not overstatement to say that the housing markets are red-hot," said David Lereah, chief economist for the Realtors' group.
The median pre-owned home sales price surged 9.1 percent from the same month a year ago to $172,300.
Sales climbed in all regions of the country, rising 7 percent in the Northeast, 5.1 percent in the West, 4.4 percent in the Midwest and 0.8 percent in the South.
The inventory of homes on the market fell in September to 4.3 months' supply of homes available for sale at the current rate of sales, from 4.5 months in August.
