The United States has enjoyed a surprising surge in the sale of existing homes, climbing 9.4 per cent in September to an annualised rate of 5.57 million.
According to data from the National Association of Realtors, the surge represented the fifth straight month of gains, with sales now up 9.2 per cent from the levels recorded in September 2008.
The supply of unsold homes declined from 9.3 months’ supply in August to 7.8 in September, although median prices fell to $US174,900 ($190,000).
The Bureau of Economic Analysis is expected to use the data to confirm that the US economy is officially starting to emerge from the recession that began in December 2007.
The Bureau will this week report the economy’s pace of growth.
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