Homes Sales Set Record In September

Sales of previously owned homes inched to a new record in September, pushed higher by a rebound in long-depressed markets in the Northeast.

Existing homes sold at a seasonally adjusted annual rate of 4.32 million units, up 0.2 percent from August, the National Association of Realtors said Monday.

It was the highest level since the group began tracking sales in 1968. Most economists had been expecting about a 1.2 percent drop.

“The strength of demand is really surprising me. A lot of small currents are combining to make a really strong market right now,” said economist Kimberly Kennedy of Cahners Economics in Newton, Mass. These include a robust economy, healthy income growth, jobs and low mortgage rates.

Kennedy said sales among upper middle-class people, until the recent bout of turmoil, were supported by a “wealth effect” from high stock values.