Sales of existing homes grew by 9.4% in September, and 9.1% higher than in September 2008 the National Association of Realtors reported today.

Last month, home sales were at a seasonally adjusted annual rate of 5.57 million, compared with 5.10 million in August and 5.10 million in September 2008.

The association said it was the highest sales level in two years but its chief economist Lawrence Yun said the market was still underperforming.

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