Existing home sales jump past forecasts in October
By Alexander Bueso
Date: Thursday 19 Nov 2020
(Sharecast News) - Sales of second-hand homes in the States jumped past forecasts in October.
According to the National Association of Realtors, the annualised pace of existing home sales jumped at a month-on-month pace of 4.3% to reach 6.85m (consensus: 6.44m).
Last month's reading was 26.6% ahead on the year earlier period.
Prices also increased sharply, rising by 16% to $313,000.
The inventory of homes available for sale meanwhile fell to a record low of 1.42m or 2.5 months' worth at the current pace of sales.
Over 70% of homes sold in October had been on the market for less than a month, NAR said.
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