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Existing Home Sales Erase Summertime Losses; Sideways Rates; Housing’s Best Year in a Decade?

Existing Home Sales Erase Summertime Losses; Sideways Rates; Housing’s Best Year in a Decade?

Existing home sales continued a gradual recovery in October after a summer of sliding sales. For the second straight month the National Association of Realtors® (NAR) is reporting that sales of previously owned homes increased, this time by 2.0 percent. Single-family houses, townhouses, condos, and townhouses sold at a seasonally adjusted annual rate of 5.48 million. The increase brought sales back to their strongest pace since June's rate of 5.51 million, but they are still running behind sales in October 2016 by 0.9 percent. September's sales had been reported as up 0.7 percent from August, to 5.390 million, ending a three-month streak of losses. That gain has now been revised down to 5.37 million. Analysts had been looking for October sales in an annual range of 5.320 to 5.560 million
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