U.S. existing home sales stay strong

WASHINGTON, Oct. 25 (UPI) -- Sales of existing U.S. homes held at the second highest pace on record in September, an industry group said Tuesday.

The National Association of Realtors said that total existing-home sales -- including single-family, townhomes, condominiums and co-ops -- were at a seasonally adjusted annual rate of 7.28 million units in September, unchanged from August.

Economists had expected the group's September figure to be about 7.21 million.

Sales were 7.2 percent above the 6.79 million-unit level in September 2004, and were second only to a rate of 7.35 million in June of this year.

"The underlying fundamentals of the housing market are solid and sales will stay historically strong, but they will trend modestly down from current peaks," a spokesman said. "Masked by the data are early signs that housing is starting to wind down from a boom and will transition into an expansion -- in other words, a soft landing."