James HesterUS existing homes sales rose by the most since March, providing further evidence of underlying strength in the US economy.
October’s reading for previously owned homes rose 2% to a seasonally adjusted annual rate of 5.48 million, said the National Association of Realtors.
The result was well ahead of economists’ expectations, with those surveyed by The Wall Street Journal anticipating a 0.2% rise to a 5.40 million rate.
Areas previously held back by hurricanes showed significant gains in the month.
Although a dearth of supply saw sales numbers dip on a year-over-year basis, the median price of homes sold rose to $247,000 in October, up 5.5% from the prior year.
