Money | housing Home Sales Up 5.5%, Biggest Gain in 5 Years Inventories still at historic highs By Newser Editors and Wire Services Posted Oct 24, 2008 11:10 AM CDT Copied A sign shows that an existing home has sold in Bainbridge Twp, Ohio on Monday, Sept. 22, 2008. (AP Photo/Amy Sancetta) Sales of existing US homes rose by the largest amount in more than five years in last month, a real estate trade group said today. The data offer a glimmer of hope that the housing slump could be starting to bottom out. The National Association of Realtors said sales of existing homes rose by 5.5% in September compared to August. That’s the biggest monthly increase since a 5.6% increase in July 2003, during the five-year housing boom. Even with the gain in sales, prices kept falling. The median sales price has dropped to $191,600, down 9% from a year ago. Inventories of unsold existing homes dropped by 1.6% in September to 4.27 million units, which is still a historically high level. Read These Next Rubio says the fate of Iran's conversion facility is what matters. Her blood isn't compatible with anyone else's. Some of the most explosive Diddy allegations are dropped. NJ lifeguard survives after being impaled by an umbrella. Report an error