Home Resales Highest in 7 Yrs.

Sales of existing homes climbed 4.4% in September to the highest level in seven years, a real estate trade group said today.

The National Assn. of Realtors said existing single-family homes were sold at a seasonally adjusted annual rate of 3.77 million units last month, the fastest pace since October, 1979. The September increase followed gains of 2.4% in July and 4% in August and was credited to continued declines in mortgage interest rates. Association economists said the average effective interest rate on loans for existing homes last month was 10.08%, the lowest rate since December, 1978.