September existing home sales jump 9.4%

Pedestrians walk past a home with a “Sold” sign in San Francisco.

David Paul Morris | Bloomberg | Getty Images

Sales of existing homes rose a higher-than-expected 9.4% in September to a seasonally adjusted annualized rate of 6.54 million units, according to the National Association of Realtors. Sales were up 20.9% annually.

Sales could be more robust if there were more homes available. The inventory of homes for sale fell 19.2% annually to just 1.47 million homes for sale at the end of September. At the current sales pace that represents a 2.7-month supply. That is the lowest since the


100 Rising Giants 2020

Business has been strong for these Rising Giants—in 2019 and the years leading up to it. Total fees for the year came in at $604 million, a sizeable 21 percent jump from the previous year’s $500 million take. That’s stellar, but the Rising Giants’s forecast of $640 million for 2020—less than 6 percent growth and the lowest forecast in five years—is about as tangible as a puff of smoke. We just don’t know.

What we do know: Hospitality has overtaken corporate work as the biggest moneymaker for the group. The former brought in $195 million, 32 percent of all fees


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Building a green economy, brick by brick |

Land, fire and water

When Eduardo Romero was 40 years old, he was fired from his job as a bricklayer. It was 1992, in the city of Durazno, Uruguay. With his few belongings on his shoulder, Eduardo headed for the north of the country and stopped only when he found work. It was in the city of Tranqueras, and his new source of income came from land, fire and water: Eduardo started making bricks.

Today, five jobs, two ventures, three children and 28 years later, Mr. Romero is still linked to this insecure industry, which is both an easy source


Fall Home Sales Surge Ahead of Normal Patterns

Home sales and home prices are increasing by double digits, with homes flying off the market in record time. Existing-home sales increased for the fourth consecutive month in September, up nearly 21% compared to a year ago, the National Association of REALTORS® reported on Thursday. All major regions of the U.S. saw month-over-month and annual gains in September. The Northeast experienced the largest increase in home sales.

“Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season,” says Lawrence Yun, NAR’s chief economist. “I would attribute