Existing Home Sales Rise 2.4% to 5.17M Rate in September

WASHINGTON — Existing home sales rose 2.4% to a seasonally adjusted 5.17 million-unit rate in September from a unrevised 5.05 million pace the previous month, the National Association of Realtors announced Tuesday.

NAR chief economist Lawrence Yun said the September rate was the highest sales pace of the year, but that realtor confidence is at a 12-month low.

The September rate represents a 1.7% decrease from the same month a year ago, and was stronger than the median 5.10 million unit pace predicted by economists polled by Thompson Reuters.

Sales in September rose from the previous month in three of the four regions: 1.5% in the Northeast, 5.0% in the South and 7.1% in the West. Sales fell 5.6% in the Midwest.

The median sales price was $209,700 in September, a 5.6% increase from a year ago.

Inventory levels fell 1.3% from the previous month to 2.30 million existing homes, representing a 5.3-month supply at the current pace. Inventory was up 6.0% from the September 2013 level.

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