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Sales of Existing U.S. Homes Rose in September to One-Year High
Sales of previously owned U.S. homes rose in September to the highest level in a year, adding to signs that residential real estate will be a plus for the economy. Closings (ETSLTOTL), which usually take place a month or two after a contract is signed, advanced 2.4 percent to a 5.17 million annual rate, the National Association of Realtors reported today in Washington. Purchases rose 1.9 percent compared with the same month last year before adjusting for seasonal patterns. Traction in the labor market and falling mortgage rates are helping underpin demand and providing a buffer for the economy as global markets slow. ... (full story)