Economists Data: US Homes for Sale increased by 10% in September

By on Oct 25, 2010 in Business, Finance, United States, World Comments

The data from economists shows that US homes for sale was increased by 10% in September, as reported by some American news sites on Monday.

According to the reports, the National Association of Realtors (NAR) revealed that last month, existing homes for sale in US rose to 10% to an annual rate of 4.53 million homes, and was said to be climbing for two straight months.

Having this as the highest monthly gain in 28 years, this is considered as a good sign in terms of recovery in the real estate business, economists told the news.

Experts was said to be expecting an increase of 4.3 million homes from an earlier report of 4.13 million homes last August.

Sales in August were supposedly revised down to 4.12 million homes, the news said.

“A housing recovery is taking place but will be choppy at times depending on the duration and impact of a foreclosure moratorium,” NAR chief economist Lawrence Yun was quoted as saying.

“But the overall direction should be a gradual rising trend in home sales, with buyers responding to historically low mortgage interest rates and very favorable affordability conditions.” Yun added.

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