Existing home sales increased in the United States in September, the National Association of Realtors reported this week.
Sales rose 5.5 per cent to a seasonally adjusted annual rate of 5.18 million units, compared to 4.91 million in August.
Compared to September 2007, sales were up 1.4 per cent.
NAR president Richard F. Gaylord said low home prices and low interest rates were attracting buyers who had been on the sidelines and wanted to make a long-term investment in their future.
“This is the first time since November 2005 that home sales have been above year-ago levels,” he said.
The bad news however was that the number of sales as a result of foreclosures has grown to 35 to 40 per cent of transactions. This has pulled the median house price down by 9 per cent over the year.
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