10/21, 4:04 PM (Source: TeleTrader)
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US existing home sales up 7% in September

Sales of existing homes in the United States increased by 7% month on month in September to a seasonally-adjusted annual rate of 6.29 million, according to the National Association of Realtors (NAR) report published on Thursday.

On a yearly basis, however, sales dropped 2.3% from last September. The median existing-home price for all housing types jumped 13.3% annually to $352,800. Total housing inventory at the end of September stood at 1.27 million units, down 0.8% from August and 13% from a year ago.

"Some improvement in supply during prior months helped nudge up sales in September ... Housing demand remains strong as buyers likely want to secure a home before mortgage rates increase even further next year" commented NAR's Chief Economist Lawrence Yun.

Breaking the News / IB