Existing-Home Sales Rose and Inventory Fell in September

Sales of existing homes jumped 7.0 percent in September, to a 6.29 million seasonally adjusted annual rate. Sales are still down 2.3 percent from a year ago. Sales in the market for existing single-family homes, which account for about 89 percent of total existing-home sales, rose 7.7 percent in September, coming in at a 5.59 million seasonally adjusted annual rate (see top of first chart). From a year ago, sales are down 3.1 percent. Condo and co-op sales increased 1.4 percent for the month, leaving sales at a 700,000 annual rate for the month versus 690,000 in August (see top of first chart). From a year ago, condo and co-op sales are up 4.5 percent.