Home resales rose in September to the highest level in more than two years, beating expectations, as buyers scrambled to complete their purchases before a tax credit for first-time buyers expires. The National Association of Realtors says that sales rose 9.4% to a seasonally adjusted annual rate of 5.57 million in September, from a downwardly revised pace of 5.1 million in August. Sales had been expected to rise to an annual pace of 5.35 million, according to economists surveyed by Thomson Reuters. The median sales price was $174,900, down 8.5% from a year earlier, and slightly lower than August’s median of $177,300. The inventory of unsold homes on the market fell about 7% to 3.63 million. That’s a 7.8-month supply at the current sales pace, and the lowest level since March 2007. Nationwide sales are up nearly 24% from their bottom in January, but are still down 23% from four years ago.
U.S. home sales rise 9.4% in September
Sign up for the free Daily Report email – local news about the people, companies and issues that impact business impact business in Baton Rouge and beyond.
