Existing-home sales rebounded from August’s decline and increased 4.7 percent to a seasonally adjusted annual rate of 5.55 million in September, according to the National Association of Realtors.
September’s sales are also 8.8 percent higher than a year ago, making it the 12th consecutive month to see a year-over-year increase.
“Despite persistent inventory shortages, the housing market has made great strides this year, backed by an increasing share of pent-up sellers realizing the increased equity they’ve gained from rising home prices and using it towards trading up or moving into a smaller home,” said Lawrence Yun, NAR chief economist, in a statement.
The median existing-home price in September was $221,900, which is 6.1 percent higher than the median price of $209,100 in September 2014.
