US existing homes sales beat forecasts

US 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.

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