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November 23rd, 2009 9:18 PM

Existing home sales jump 10.1% in October

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existing-home-sales-jump-10-1-in-octoberThe nearly year-long positive trend in the U.S. housing sector is continuing. Existing home sales surged 10.1% in October to a seasonally adjusted annual rate of 6.1 million units, the National Association of Realtors announced Monday. That's the highest level for existing home sales in more than two years.

The consensus of economists surveyed by Bloomberg News had been for October existing home sales to come in at a 5.7 million unit annualized rate. The annualized existing sales number for September was revised to a 5.54 million units, and for August to 5.1 million units. Existing home sales are also up 23.5% in the past 12 months.
Meanwhile, inventories of existing homes also fell 3.7% in October to a seven-month supply at the current sales pace, down from a revised eight-month supply in September. Inventories have fallen about 15% in the past year. Economists say a healthy, normal existing home sale market has a three- to five-month supply of homes available for sale.
Posted by Robert Northfield on November 23rd, 2009 9:18 PMPost a Comment (0)

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