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Existing home sales rise sharply in September


    WASHINGTON (Reuters) - The pace of existing home sales in the United States rose sharply in September to a 5.18 million-unit annual rate to log the first year-over-year increase in sales in nearly three years, the National Association of Realtors said in a report on Friday.

    Economists polled by Reuters were expecting home resales to rise to a 4.93 million-unit pace, from the 4.91 million rate set in August.

    The September increase was the largest monthly rise in sales since a 5.6 percent increase reported for July 2003.

    The inventory of existing homes for sale fell 1.6 percent to 4.27 million or 9.9 months' supply at the current pace.

    The median national home price declined 9.0 percent from a year ago to $191,600.

    (Editing by James Dalgleish)