Portfolio

US existing home sales rise more than expected in October

By Michele Maatouk

Date: Thursday 21 Nov 2019

US existing home sales rise more than expected in October

(Sharecast News) - Sales of US existing homes rose more than expected in October, according to data released by the National Association of Realtors on Thursday.
Sales increased 1.9% on the month to a seasonally-adjusted annual rate of 5.46 million, beating expectations for a level of 5.36m.

On the year, sales were up 4.6%, while the median price of an existing home rose 6.2% to $270,900.

Lawrence Yun, NAR chief economist, said: "Historically-low interest rates, continuing job expansion, higher weekly earnings and low mortgage rates are undoubtedly contributing to these higher numbers.

"We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory."

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