U.S. home resales hit 14-year high

WASHINGTON — Sales of existing U.S. homes rose by 9.4 percent in September to a seasonally adjusted annual rate of 6.54 million units, according to the (U.S.) National Association of Realtors. On an annual basis, sales were up by 20.9 percent. Limited housing stock, pushing prices higher, put pressure on home resales, likely preventing even greater increases. Nevertheless, September’s pace is the strongest since 2006 and exceeded estimates of 6.3 million units by economists in a Bloomberg survey. August’s sales rate was revised down to 5.98 million units.