Economics
U.S. Existing Home Sales Rise to 14-Year High, Exceed Forecast
- Record-low September inventory lift prices to a new high
- Properties remained on market for record-low 21 days
A realtor gives a virtual tour of a home for sale in Sacramento, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Sales of previously owned U.S. homes rose more than expected in September to the highest level in 14 years as a desire for more space and record-low mortgage rates continue to support demand.
Contract closings increased 9.4% from the prior month to an annualized 6.54 million, the fastest pace since May 2006, after a downwardly revised 5.98 million in August, according to National Association of Realtors data released Thursday. The median forecast in a Bloomberg survey of economists called for a 6.3 million rate in September. Single-family home sales outpaced purchases of condominiums.