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US sales of pre-owned homes increase
Source: Agencies |
November 20, 2012, Tuesday
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US sales of previously occupied homes rose solidly in October, helped by improvement in the job market and record-low mortgage rates. The increase along with a jump in homebuilder confidence this month suggests the housing market continues to recover.
The National Association of Realtors said yesterday that sales rose 2.1 percent to a seasonally adjusted annual rate of 4.79 million. That's up from 4.69 million in September, which was revised lower.
The sales pace is roughly 11 percent higher than a year ago. But it remains below the more than 5.5 million that economists consider consistent with a healthy market.
Superstorm Sandy delayed some sales in the Northeast, the realtors' group said. Sales fell 1.7 percent there, the only region to show a decline. Those sales will likely be completed in future months, it said.
Confidence among US homebuilders rose this month to its highest level in six and a half years, driven by strong demand for newly-built homes and growing optimism for next year.
The National Association of Home Builders/Wells Fargo builder sentiment index rose to 46, up from 41 in October. Readings below 50 signal negative mood about the market.
The National Association of Realtors said yesterday that sales rose 2.1 percent to a seasonally adjusted annual rate of 4.79 million. That's up from 4.69 million in September, which was revised lower.
The sales pace is roughly 11 percent higher than a year ago. But it remains below the more than 5.5 million that economists consider consistent with a healthy market.
Superstorm Sandy delayed some sales in the Northeast, the realtors' group said. Sales fell 1.7 percent there, the only region to show a decline. Those sales will likely be completed in future months, it said.
Confidence among US homebuilders rose this month to its highest level in six and a half years, driven by strong demand for newly-built homes and growing optimism for next year.
The National Association of Home Builders/Wells Fargo builder sentiment index rose to 46, up from 41 in October. Readings below 50 signal negative mood about the market.
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