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WASHINGTON (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, townhomes, 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, NAR said.
The September figures were the highest since July 2007.
With the announcement, the NAR issued a pitch for an extension of the $8,000 federal tax credit for first-time homebuyers due to expire at the end of November.
"Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home," said NAR Chief Economist Lawrence Yun said in a statement.
"We are hopeful the tax credit will be extended and possibly expanded to more buyers," he 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.