HUD: Home sales increased in September

The level of home sales increased in September from both August's rate, as well as the level found during September of last year.

The level of home sales increased in September from both August's rate, as well as the level found during September of last year.

Property data showed sales of new single-family properties rose to a seasonally-adjusted annual rate of 389,000 during the month, 5.7 percent higher than August's rate of 368,000, according to the U.S. Department of Housing and Urban Development. Additionally, the figure was more than 27 percent higher than the 306,000 recorded in September 2011.

"All the things that were really holding back housing are finally starting to lift," Guy Berger, economist at RBS Securities, told Bloomberg. "It really is tough to find any bad signs here. Inventories are very, very lean. Assuming the economy remains on track, housing should continue to improve for the rest of the year and into 2013."

The report added that the median sales price rose to $242,400 in September, while real estate records showed the rate of news homes on the market reached 145,000. The latest figure showed that September's inventory was 4.5 months.



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