Existing Home Sales Jump to Two-year High

Existing homes sales jumped in September to the highest level in more than two years, the National Association of Realtors said Friday.

Sales increased 9.4% to an annual rate of 5.57 million homes, the group said in its monthly report.

Economists had forecast home resales would rise to an annual rate of 5.35 million from an initially reported 5.1 million pace in August, Bloomberg reported.

Median prices for existing homes fell to $174,900, down 8.5% from a year earlier, Bloomberg said. It was the small decrease in 13 months.