Sales of existing homes increased in September

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Existing home sales climbed for the second month in a row in September, fueling hopes that a housing recovery is under way, CNNMoney.com reported. Sales of previously owned homes rose 10 percent to a seasonally adjusted annual rate of 4.53 million units last month, the National Association of Realtors said in a report released today. The inventory of homes on the market edged down 1.9 percent in September to 4 million units. The median price of homes sold in September was $171,700, down 2.4 percent from a year earlier, the report showed. About 35 percent of homes sold during the month were in foreclosure.