Home sales dip, but tight inventories provide price support

NAR: Median home price posts annual gain for 7th month in a row

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Sales of existing homes slipped from August to September but were still up strongly from a year ago — a sign that the national housing market is finding solid ground, the National Association of Realtors said today.

At a seasonally adjusted annual rate of 4.75 million, sales of single-family homes, townhomes, condos and co-ops were down 1.7 percent from August to September, but up 11 percent from a year ago.