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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"Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home," he said in a statement. "Despite spectacular gains in the stock market, principally from the financial sector recovery, most of the 75 million home owning families have more wealth tied to their homes. Home values could soon turn consistently positive and help the broad base of middle-class families, but we are not there yet."
The association and other groups are pushing for an extension of the $8,000 tax credit, which is set to expire on Nov. 30.
The median price for an existing home was $174,900, down 8.5% from September 2008.
In September, existing home sales increased in the Northeast, Midwest, South and West by 4.4%, 9.6%, 9% and 13%, respectively.
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