Sales of existing U.S. homes were unchanged in September, performing at a 7.28 million unit pace. According to the National Association of Realtors (NAR), strong post-Katrina sales in the South helped offset weaker activity elsewhere. August had a downwardly revised pace of 7.28 million homes.

"Long-term rates, which have risen slightly, are still within range of four-decade lows and housing remains affordable. Job formation also is contributing to the strong consumer demand for housing. As long as these two factors continue, the housing market should remain robust," says Loans Chief Economist Bob Walters. "Housing is coming off the second highest month on record in August. The economy continues to be a major benefactor of housing's resilience despite the pressures put on it by steadily rising short-term rates, a series of extreme weather and high fuel costs."

Publish Date: 10/25/2005