U.S existing-home sales soared 10 percent in September, the strongest gain in nearly 28 years, an industry group said Monday, proclaiming a budding recovery in the battered housing market.
Sales of previously owned homes rose to an annual rate of 4.53 million, from a downwardly revised 4.12 million in August, the National Association of Realtors (NAR) reported.
That was much better than the average analyst forecast of 4.25 million. The August number was initially reported at 4.13 million.
Despite record-low mortgage rates and depressed home prices, the sector has struggled to pick itself up after the housing bubble collapsed three years ago.
The September sales increase marked the second consecutive monthly gain after four months of declines in the troubled market.
But it was still 19.1 percent below the September 2009 pace when a federal tax break for first-time home buyers ramped up demand ahead of a November deadline.
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