Sales of existing homes in the US soared to the highest level in more than two years last month as expiring the first-time home buyer tax credit succeeded in boosting activity in the market.

Home resales jumped by 9.4 per cent from August to September, nearly doubling economists’ expectations, to an adjusted annual rate of 5.57m. That marked a sharp shift from the previous month when sales fell by 2.9 per cent and home sales are up by 9.2 per cent year-on-year.