Home Sales Jump 10 Percent, Still Lag 2009

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The real estate market has some life after all. Existing home sales, a figure that includes single-family homes, townhouses, co-ops andcondos, rose 10 percent in September as compared to August, according to the National Association of Realtors.

Some cite this as evidence that the housing market is well on its way to recovery, but the actual number of home sales is 19.1 percent below that registered in September 2009. In addition, first-home buyers accounted for 32 percent of September's sales, just a notch higher than the 31 percent figure for August, suggesting the absence of a "gold rush" among buyers drawn to the market by super-low interest rates and home prices.

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