Existing home sales rebound strongly in U.S.
Xinhua, October 23, 2015 Adjust font size:
Existing home sales rebounded strongly in September after August's decline, an industry report showed Thursday.
Total existing home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 4.7 percent from the previous month to a seasonally adjusted annual rate of 5.55 million in September, 8.8 percent above a year ago, said the National Association of Realtors (NAR) Thursday.
"September home sales bounced back solidly after slowing in August and are now at their second highest pace since February 2007," said NAR chief economist Lawrence Yun.
A slight moderation in home prices in some markets and mortgage rates remaining below 4 percent gave more households the confidence to close on a home last month, said the NAR.
Total housing inventory at the end of September decreased 2.6 percent to 2.21 million existing homes available for sales, which represents a 4.8-month supply at the current sales pace.
The median existing home price for all housing types in September was 221,900 U.S. dollars, 6.1 percent above the level a year ago.
"Despite persistent inventory shortages, the housing market has made great strides this year, backed by an increasing share of pent-up sellers," said Yun. Endit