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Originally published Friday, October 24, 2008 at 12:00 AM

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U.S. existing home sales up 5.5 percent in September

A real-estate trade group says sales of existing homes rose by the largest amount in more than five years in September. The data is a possible...

AP Economics Writer

WASHINGTON — A real-estate trade group says sales of existing homes rose by the largest amount in more than five years in September. The data is a possible glimmer of hope that the housing slump could be starting to bottom out.

The National Association of Realtors said Friday that sales of existing homes nationwide rose by 5.5 percent in September compared to August, the best showing since a 5.6 percent increase in July 2003, during the five-year housing boom.

Even with the gain in sales, prices kept falling. The median sales price has dropped to $191,600, down by 9 percent from a year ago.

While numbers are available for the West region, they include the highly troubled markets of California, Nevada and Arizona, which drag down the entire region and don't provide an accurate picture of the local resale market.

Likewise, the Northwest Multiple Listing Service, which tracks local home sales, does not break out sales for existing homes. Overall September sales and prices were down in King, Snohomish, Pierce and Kitsap counties.

Copyright © 2008 The Seattle Times Company

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Comments
As always, good houses continue to sell no matter what the economic conditions are. Like the grocery business, people always have to eat or have a...  Posted on October 24, 2008 at 3:24 PM by Jerry Gropp Architect AIA. Jump to comment
I wonder how much is investor discounted acquisitions of short sale, foreclosure, and bank owned real property assets from the failed Dumb Money...  Posted on October 24, 2008 at 7:50 AM by mlindekugel. Jump to comment
The demand curve slopes downward. In other news, the sky is blue and the sun will rise in the east tomorrow. An increase in the number of sales...  Posted on October 24, 2008 at 9:21 AM by Sean P. Jump to comment

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