Existing home sales rise in September, says National Association of Realtors, as mortgage interest rates remain low - Charlotte Business Journal

Existing home sales rise in September, says National Association of Realtors, as mortgage interest rates remain low - Charlotte Business Journal

Kent Hoover

Washington Bureau Chief

Email  |  Twitter  |  Google

Sales of existing homes rebounded in September, hitting their highest annual pace this year: 5.17 million.

That's up from 5.05 million in August,according to the National Association of Realtors. The bad news is that sales are still below last year's pace.

The numbers include completed sales for single-family houses, townhomes, condominiums and co-ops.

September's increase can be attributed to "low interest rates and price gains holding steady," said NAR Chief EconomistLawrence Yun.

"Traditional buyers are entering a less competitive market with fewer investors searching for available homes, but may also face a slight decline in choices due to the fact that inventory generally falls heading into the winter," he said.

The median home price was $209,700 in September, up 5.6 percent from a year earlier.

Mortgage rates increased slightly in September, but Yun thinks stock market volatility "is causing investors to seek safer bets, which will likely keep interest rates in upcoming weeks hovering near or below where they are now," Yun said.