Home sales continue to show improvement

After slowing significantly in the early part of the summer following the expiration of the homebuyer tax credit, improved housing affordability was able to increase relocation activity in September, according to the National Association of Realtors.

The NAR's existing-home sales report for September showed a 10 percent improvement compared with August to an annual rate of 4.53 million homes. While those numbers were still 19 percent lower than figures from September from last year, the improvement was enough to spur talk of a continued recovery among analysts.

Officials said there were two main drivers in the improvement - depressed home prices and low interest rates - which have made it very affordable for many residents to purchase a home.

"The savings today's buyers are receiving are not a one-time benefit," said NAR president Vicki Cox Golder. "Buyers with fixed-rate mortgages will save money every year they are living in their home - this is truly an example of how homeownership builds wealth over the long term."

The results also reinforce a recent Beacon Economics study. The report, released earlier this month, said that housing was at its most affordable point since 1969.

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