US home sales rebound in September after August slump

PUBLISHED : Friday, 23 October, 2015, 1:14am
UPDATED : Friday, 23 October, 2015, 1:14am

Americans snapped up more homes last month, suggesting that the United States housing sector remains insulated from global economic turmoil.

The National Association of Realtors says sales of existing homes jumped 4.7 per cent last month to a seasonally adjusted annual rate of 5.55 million. Buying activity rebounded after slipping in August.

The property market appears to have reached a stable plateau in recent months, aided by mortgage rates near historic lows and steady job gains. Yet first-time buyers remain scarce and relatively few properties are being listed for sale, capping the potential growth of the sector.

Sales have advanced 8.8 per cent over the past 12 months, while the number of listings has declined 3.1 per cent.

The median home sales price was US$221,900 in September, a 6.1 per cent annual increase.