US existing-home sales slip in September

Sales of existing homes in the United States slipped in September after hitting their fastest pace in more than two years in August, an industry group said Friday. Existing-home sales fell 1.7 percent last month from August to an annual rate of 4.75 million, the National Association of Realtors (NAR) said. But the September number was still 11.0 percent higher than the sales rate a year earlier, a further sign of recovery under way in the depressed housing market. Inventory continued to tighten and the national median home price rose for a seventh straight month -- September's figure of $183,900 was up 11.3 percent from a year earlier. "Despite occasional month-to-month setbacks, we're experiencing a genuine recovery," said Lawrence Yun, NAR chief economist. "More people are attempting to buy homes than are able to qualify for mortgages, and recent price increases are not deterring buyer interest. Rather, inventory shortages are limiting sales, notably in parts of the West