Economy Watch: Existing Home Sales Edge Up
Sales are at their highest annualized pace since September 2013 (also 5.26 million) and are now above year-over-year levels (2.5 percent from last October) for the first time since last October.
“Sales activity in October reached its highest annual pace of the year as buyers continue to be encouraged by interest rates at lows not seen since last summer, improving levels of inventory and stabilizing price growth,” NAR chief economist Lawrence Yun says. “Furthermore, the job market has shown continued strength in the past six months.”
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