U.S. existing home sales up 10% in September

The number of sales of existing homes increased by 10 percent in September, according to a report from the National Association of Realtors. The Realtors’ report said U.S. home sales for the month increased to a seasonally adjusted annual rate of 4.53 million, up from 4.12 million in August.
Prices of existing homes in the U.S. slipped 2.4 percent to a median price of $171,700, the report said, which helped boost sales.
U.S. home sales remain 19 percent below the 5.6 million sold in September of 2009 when buyers were taking advantage of the first home buyers tax credit.
Distressed sales accounted for 35 percent of all sales in September, compared to 34 percent in August and 29 percent in September of 2009.
“A housing recovery is taking place but will be choppy at times depending on the duration and impact of a foreclosure moratorium,” said Lawrence Yun, chief economist for the National Association of Realtors. “But the overall direction should be a gradual rising trend in home sales with buyers responding to historically low mortgage interest rates and very favorable affordability conditions.”