Sales of Existing U.S. Homes Rise Unexpectedly: Economy
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Sales of previously owned U.S. homes unexpectedly climbed in October, showing record-low mortgage rates are helping spur the world’s largest economy.
Purchases of existing houses increased 2.1 percent to a 4.79 million annual rate, exceeding the median forecast of economists surveyed by Bloomberg, figures from the National Association of Realtors showed today in Washington. Property values rose over the past 12 months by the most in seven years as inventories dropped to the lowest level in almost a decade.