Existing home sales jump in September, helped by lower rates and more inventory

Home sales picked up last month as lower mortgage rates and higher inventory brought some buyers off the sidelines. Existing home sales rose 1.5% in September to a seasonally adjusted annual rate of 4.06 million, the highest level since February, according to National Association of Realtors data released Thursday. Year over year, they’re up 4.1%. Homes that sold in September usually went under contract a month or two earlier. During that period, mortgage rates dropped from around 6.7% to around 6.3%. Cu ...