Pending Sales of U.S. Existing Homes Increased 1.5% in September

Contracts to purchase previously owned U.S. homes increased in September for a second month in the last three, the National Association of Realtors said Thursday in Washington, signaling strong job growth and rising wages are supporting housing demand.

The gain comes on the heels of reports showing increases last month in sales of both previously owned and new residences. The Realtor group said a paucity of listings is keeping prices relatively high and making searching by interested buyers more difficult. At the same time, historically-low borrowing rates and solid hiring continue to support purchases for those looking to trade up.