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US existing home sales hit one-year high in September

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US home resales jumped to their highest level in a year in September, the latest indication that the housing market recovery is gradually getting back on track. - PHOTO: AFP

[WASHINGTON] US home resales jumped to their highest level in a year in September, the latest indication that the housing market recovery is gradually getting back on track.

The National Association of Realtors said on Tuesday existing home sales rose 2.4 per cent to an annual rate of 5.17 million units, the strongest reading since September of last year.

Economists polled by Reuters had forecast sales rising to a 5.10 million unit pace last month from August's 5.05 million unit pace. Sales, however, were down 1.7 per cent compared to September of last year.

Data last week showed a rebound in home building in September. Housing is slowly regaining its footing after activity stalled in the second half of 2013 in the aftermath of a run-up in mortgage rates.

REUTERS

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