Existing home sales grew 4.7% to a seasonally adjusted 5.55 million-unit rate in August from a downwardly revised 5.30 million pace the previous month, the National Association of Realtors announced Thursday.
The August rate was originally reported as off 4.8% to a 5.31 million pace.
The September rate represents a 8.8% increase from the same month a year ago, and surpassed the median 5.37 million unit pace predicted by economists polled by Thomson Reuters.
“September home sales bounced back solidly after slowing in August and are now at their second highest pace since February 2007 (5.79 million),” said NAR chief economist Lawrence Yun. “September home sales bounced back solidly after slowing in August and are now at their second highest pace since February 2007 (5.79 million).”
Sales in September gained in all four regions. They were up 8.6% in the Northeast, 2.3% in the Midwest, 3.8% in the South, and 6.7% in the West.
The median sales price was $221,900 in September, a 6.1% increase from a year ago.
Inventory levels fell 2.6% from the previous month to 2.21 million existing homes, representing a 4.8-month supply at the current pace. Inventory was down 3.1% from the September 2014 level.
