Daily Update (Source: RBC Financial Group
US existing home sales unexpectedly rise in October
Nov 20, 2014
- Existing home sales in the US unexpectedly rose to a 13-month high of 5.26 million annualized units in October 2014 from 5.18 million reported in September. Market expectations had been for sales to decline to 5.15 million.
- The inventory of homes available for sale declined by 2.6% to 2.22 million units, which combined with the rise in sales, resulted in the months’ supply of unsold homes falling to 5.1 months in October from 5.3 months in September.
- The median price of existing homes rose by 5.5% on a year-over-year basis, which was modest acceleration from the 5.3% recorded in the previous month.
- An above five-million unit pace was sustained for the fifth consecutive month in October as existing home sales continued to rebound from a slowing that
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