NAR reveals surge in US homes sales in September

| October 25, 2010 | 0 Comments
NAR reveals surge in US homes sales in September

The National Association of Realtors (NAR) has today revealed a surge in sales of previously owned homes in the US for the month of September.

The industry body said sales jumped 10% in September - the biggest monthly rise in 28 years.

Furthermore, it compares favourably with September 2009, when existing home sales nationwide were down 19.1%.

Sales in September surged to an annual rate of 4.53 million units, up from a revised 4.12 million units in August.

The figures were much better than the 4.25 million units that analysts had expected.

Commenting on today’s figures, Lawrence Yun, chief economist for the NAR, said the housing market is showing signs of recovery.

“A housing recovery is taking place but will be choppy at times depending on the duration and impact of a foreclosure moratorium,” Mr Yun said.

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