Existing home sales rebound, surging 9.4 percent in September

The nearly year-long positive trend in the U.S. housing sector continues. Boosted by the $8,000 federal credit for first-time home buyers, U.S. existing home sales surged 9.4 percent in September to a seasonally adjusted annual rate of 5.57 million units, the National Association of Realtors announced Friday. It's the highest level for existing home sales in more than two years.

Economists surveyed by Bloomberg News had expected September existing home sales to total a 5.35-million-unit annualized rate. Existing sales totaled a 5.1 million-unit annual pace in August. Further, existing home sales are also up 24 percent since bottoming in January.