WASHINGTON (AP) – Americans snapped up more homes in September, suggesting that the U.S. housing sector remains insulated from global economic turmoil.
The National Association of Realtors says sales of existing homes jumped 4.7 percent last month to a seasonally adjusted annual rate of 5.55 million. Buying activity rebounded after slipping in August.
The real estate market appears to have reached a stable plateau in recent months, aided by mortgage rates near historic lows and steady job gains. Yet first-time buyers remain scarce and relatively few properties are being listed for sale, capping the potential growth of the sector.
Sales have advanced 8.8 percent over the past 12 months, while the number of listings has declined 3.1 percent.
The median home sales price was $221,900 in September, a 6.1 percent annual increase.
