Sales of existing homes increased for the second month in a row, according to a report from The National Association of Realtors. Sales of single-family, townhomes, condominiums, and co-ops jumped 10 percent in September. Lawrence Yun, NAR’s chief economist, said gradual increases in home sales indicate the housing market is in the early stages of recovery. Total housing inventory was down 1.9 percent at the end of September and the median sales price was $171,700. Yun said buyers are responding to historically low mortgage rates and very favorable affordability conditions. More here and here.