The National Association of Realtors released existing homes sales figures in the U.S. on Monday. Sales of existing homes rose 4.7% to a seasonally adjusted annual rate of 5.55 million in September from 5.30 million in August. August's figure was revised down from 5.31 million units.
Analysts had expected an increase to 5.38 million units.
"While current price growth around 6 percent is still roughly double the pace of wages, affordability has slightly improved since the spring and is helping to keep demand at a strong and sustained pace," the NAR chief economist Lawrence Yun said.
Sales to first-time buyers decreased to 29% in September from 32% in August.
"Unfortunately, first-time buyers are still failing to generate any meaningful traction this year," Yun said.