Existing home sales soar by more than 9% in September

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Existing-home sales increased for the fourth consecutive month in September, as the U.S. housing market benefitted from low interest rates. Total existing-home sales rose 9.4% from August to a seasonally-adjusted, annual rate of 6.54 million, the National Association of Realtors reported Thursday. Compared with a year ago, home sales were up nearly 21%. The fast pace of home sales has quickly dwindled the remaining supply of homes on the market, however. The total inventory of homes for sale at the end of the month dropped to a 2.7 months’ supply, the lowest on record.
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