Existing Home Sales Post Stronger Than Expected Gains

10.25.10 | FL News Team

(New York, NY)  --  Sales of existing homes rose for the second straight month in September.  The National Association of Realtors reports sales of previously owned homes jumped by ten percent last month to a seasonally adjusted rate of four-and-a-half-million units.

Economists said the stronger-than-expected gains signal a recovery is underway in the housing market.   The realtors group also reported the median price of homes sold in September was 171-thousand dollars, which is down two-point-four percent from one year ago.  About 35 percent of the homes sold were in foreclosure.