Industry NewsMarkets & Economy

Existing-home sales up 10% in September

Inventory at 10.7 months' supply

For the second straight month after hitting a record low in July, existing-home sales climbed in September from the month before, according to a monthly report from the National Association of Realtors. Sales of single-family homes, townhomes, condominiums and co-ops jumped 10 percent last month, to a seasonally adjusted annual rate of 4.53 million from a downwardly revised 4.12 million in August, the report said.That's a 19.1 percent drop from the rate in September 2009 -- a drop the association attributed buyers "ramping up" before the original November deadline for the federal homebuyer tax credits last year. "A housing recovery is taking place but will be choppy at times depending on the duration and impact of a foreclosure moratorium. But the overall direction should be a gradual rising trend in home sales with buyers responding to historically low mortgage interest rates and very favorable affordability conditions," said Lawrence Yun, NAR's chief econ...