US Existing Home Sales Rise to Their Highest Level in 14 Years

The National Association of Realtors said today that U.S. existing home sales rose 9.4% to a seasonally adjusted annual rate of 6.54 million units in September, the highest level since May 2006.

Analysts had expected existing home sales to rise 5% to 6.30 million units in September, and year-on-year existing home sales rose 20.9% in the twelve months to September compared to the same period last year.

The median current home price increased 14.8% from a year ago to $ 311,800 in September, and according to September sales it will take 2.7 months to exhaust the current inventory, the shortest since 1982.