WASHINGTON — Sales of existing homes grew by 5.5% in September,but were only 1.1% higher than in September 2007, the NationalAssociation 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 September2007.
|The association reported that September was the first time sinceNovember 2005 that sales were above the levels of the same periodthe year before.
|“Credit tightened at the end of September, but the improvementdemonstrates that buyers who've been on the sidelines want to getinto the market and want to make a long term investment in theirfuture,” 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 allregions except the West. Sales fell in the Northeast and were alsodown from September 2007.
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