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Sales of previously occupied U.S. homes accelerated in September as declining mortgage rates and a pickup in available properties on the market encouraged home shoppers. The National Association of Realtors said Thursday that existing home sales rose 1.5% last month from August to a seasonally adjusted annual rate of 4.06 million units. That's the fastest sales pace since February. Sales jumped 4.1% compared with September last year. The national median sales price climbed 2.1% in September from a year earlier to $415,200. The housing market has been in a slump since 2022, when mortgage rates climbed from historic lows. Affordability remains a daunting challenge for most aspiring homeowners following years of skyrocketing home prices.
San Francisco's Board of Supervisors appears ready to grant newly elected Mayor Daniel Lurie greater powers to expedite the city's response to its fentanyl and homelessness crisis. The 11-member board will vote on a proposal Tuesday to eliminate competitive bidding and procurement requirements for some contracts and leases. The proposal would allow Lurie to solicit private donations. It already has the six votes needed to pass. Lurie says he needs more flexibility to act with greater urgency to combat open-air drug dealing and public use. Supervisors acknowledged it is unusual to give up oversight powers, but they want to work with the administration.