11/22/2021, 4:02 PM (Source: TeleTrader)
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US existing home sales rise by 0.8% in October

Sales of existing homes in the United States saw a monthly rise of 0.8% in October to a seasonally-adjusted annual rate of 6.34 million, exceeding expectations, the National Association of Realtors (NAR) stated in its report published on Monday. However, on an annual level, the figure went down by 5.8%.

The median sales price for all housing types gained 13.1% year-on-year to $353,900. Meanwhile, the total housing inventory at the end of October came in at 1.25 million units, declining by 12.0% in comparison to the same month a year ago and 0.8% in contrast with September.

"Home sales remain resilient, despite low inventory and increasing affordability challenges. Inflationary pressures, such as fast-rising rents and increasing consumer prices, may have some prospective buyers seeking the protection of a fixed, consistent mortgage payment," Lawrence Yun, NAR's Chief Economist, commented on the results.

Baha Breaking News (BBN) / JR