Home sales jumped in September

WASHINGTON, Oct. 23 (UPI) -- Sales of existing U.S. homes jumped 9.4 percent in September, the fifth rise in six months, the National Association of Realtors said Friday.

Sales of single-family homes, town homes, condominiums and co-ops rose to an adjusted annual rate of 5.57 million units in the month after falling 2.7 percent to 5.1 million units in August, the association said.

The September figures were the highest since July 2007.

With the announcement, the association issued a pitch for an extension of the $8,000 federal tax credit for first-time home buyers due to expire at the end of November.

"We are hopeful the tax credit will be extended and possibly expanded to more buyers," said association Chief Economist Lawrence Yun said in a statement.

White House Deputy Press Secretary Bill Burton responded Friday to a reporter's question, saying he did not "have anything specific ... on the extension of the home buyer's tax credit."

NAR said nationally the median existing sales price in September was $174,900, down 8.5 percent from a year ago.

In the month, the number of homes on the market fell 7.5 percent to 3.63 million, at the current sales pace an 7.8-month supply of homes for the market, down from a 9.3-month inventory in August, NAR said.