Sales of Existing U.S. Homes Rise to One-Year High

Sales of previously owned homes climbed in September to the highest level in a year, pointing to growing confidence in the U.S. economy as employment firms.

Purchases advanced 2.4 percent to a 5.17 million annual rate, the National Association of Realtors reported today in Washington. Demand was up 1.9 percent compared with the same month last year before adjusting for seasonal patterns.

Americans are returning to the real-estate market as employers have added 2 million workers to payrolls so far this year. Sales stand to get an additional boost in the final months of 2014 as the drop in mortgage rates caused by slowing growth in Europe and emerging nations makes properties more affordable for first-time buyers.

Bloomberg

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