Existing home sales beat expectations for the second consecutive month in October, rising 2 percent from September to 5.6 million units at a seasonally adjusted annual rate (SAAR), according to the National Association of Realtors. Demand for homes remains very strong, and existing home sales are now up 5.9 percent from a year earlier, the strongest pace of annual growth since January.
Advertisement
Related Stories
Economics
Shelter Costs Drive Inflation Higher Than Expected in January
January Consumer Price Index data show inflation increased more than anticipated as shelter costs continue to rise despite Federal Reserve policy tightening
Economics
Weighing the Effects of the Fed's and Treasury's Latest Announcements
The upshot of the Jan. 31 announcements is that while mortgage rates will stay higher for longer, they're likely to hold steady
Economics
NAHB CEO Tobin Says 'Housing Renaissance' on the Horizon
Responding to positive housing-related data such as falling mortgage rates and increased homebuyer activity, NAHB's CEO Jim Tobin is optimistic