Sales of previously owned U.S. homes held near a two-year high in September, restrained by a lack of supply that is pushing prices higher. Purchases of existing houses, tabulated when a contract closes, decreased 1.7 percent to a 4.75 million annual rate, matching the median forecast of economists surveyed by Bloomberg, figures from the National Association of Realtors showed today in Washington. The median prices from a year earlier jumped by the most since 2005 as inventories dwindled. Prospective homebuyers are taking advantage of close to record-low mortgage rates and lower prices, bolstering signs the industry is healing after a multiyear slump. Gains in employment, easier access to credit and a reduction in foreclosures will be key to boosting rebound, allowing housing to become a bigger contributor to economic growth. “Clearly, housing has turned,� Brian Jones, a senior U.S. economist at Societe Generale in New York, said before the report. “Demand is picking up. You’ve got to get that positive dynamic going, and we’re seeing it.� Jones projected a decrease to 4.69 million. The median forecast of 78 economists surveyed by Bloomberg called for a drop to a 4.75 million rate. Estimates ranged from 4.53 million to 4.9 million. The prior month’s pace was revised to 4.83 million from a previously reported 4.82 million. The median price of an existing home climbed 11.3 percent from September 2011 to $183,900, today’s report showed. To contact the report on this story: Shobhana Chandra in Washington at schandra1@bloomberg.net To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net

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