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US existing home sales increase more than expected

Sales in the South, which accounts for almost half of the existing homes sales market, increased 1.9 percent last month.

Reuters  |  Washington 

US home sales increased more than expected in October as hurricane-related disruptions dissipated, but a chronic shortage of houses which is pushing prices beyond the reach of some first-time buyers remains an obstacle. The National Association of Realtors said on Tuesday that existing home sales rose 2.0 per cent to a seasonally adjusted annual rate of 5.48 million units last month. September's sales pace was revised down to 5.37 million units from the previously reported 5.39 million units. Economists polled by Reuters had forecast home sales rising 0.7 percent to a 5.42 ...

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First Published: Tue, November 21 2017. 20:33 IST