WASHINGTON — Sales of existing homes grew by 5.5% in September, but were only 1.1% higher than in September 2007, the National Association of Realtors reported today.
There were 5.18 million existing homes sold in September, compared with 4.91 million in August and 5.11 million in September 2007.
The association reported that September was the first time since November 2005 that sales were above the levels of the same period the year before.
“Credit tightened at the end of September, but the improvement demonstrates that buyers who've been on the sidelines want to get into the market and want to make a long term investment in their future,” National Association of Realtors President Richard F. Gaylord said in a statement.
The median price for an existing home was $191,600, down 9% from $210,500 September 2007.
The average rate for 30-year fixed-rate mortgage was 6.04%, compared with 6.48% in August and 6.38% in September 2007.
In September, existing home sales increased in the Midwest, South and West but were below the previous September's in all regions except the West. Sales fell in the Northeast and were also down from September 2007.
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