(USA TODAY) Existing homes sold at the fastest pace in nearly 10 years last month despite persistently skimpy supplies as faster wage gains and low mortgage rates motivated buyers.
Sales increased 2% to a seasonally adjusted annual rate of 5.6 million from an upwardly revised 5.49 million in September, the National Association of Realtors said Tuesday. That’s the highest level since February 2007 and soundly beat the estimate of a 0.7% rise by economists surveyed by Bloomberg.
“October’s strong sales gain was widespread throughout the country and can be attributed to the release of the unrealized pent-up demand that held back many would-be buyers over the summer because of tight supply,” said Lawrence Yun, the realtor group’s chief economist.
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