Sales of previously owned homes rose 1.5% in September from August to a seasonally adjusted, annualized rate of 4.06 million units, according to the National Association of Realtors. That is slightly less than the analysts were forecasting, but the highest pace in seven months.

Sales were 4.1% higher compared with September of last year.

Regionally, on an annual basis, sales were strongest in the South and Northeast. From August, sales were strongest in the West and actually fell slightly in the Midwest, the only region to see a monthly decline.

This count is based on closings, so people signing contracts likely in July and August, when mortgage rates were coming down but were not as low as they are now. The average rate on the 30-year fixed started July at 6.67% and is now at 6.17%, ac

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