The number of existing homes that sold during the month of September rose 5.5 percent, according to the National Association of Realtors. The pace was higher than during the same month last year.
NAR attributes the rise in sales to buyers responding to homes becoming more affordable.
Lawrence Yun, NAR chief economist, said more markets are seeing year-over-year gains. “The sales turnaround which began in California several months ago is broadening now to Colorado, Kansas, Minnesota, Missouri and Rhode Island,” he said. “The South was hampered by much lower home sales in Houston in the aftermath of Hurricane Ike.”
The national median existing home price (for all housing types including condos and single family homes) was $191,600 in September, down 9 percent from $210,500 one year ago.
Existing home sales rose the most in the West during September: up 34.4 percent since last year at that time.
Oct. 27, 2008.