Steel Markets
November 22, 2016
Existing Home Sales at Highest Rate in a Decade
Written by Sandy Williams
Existing home sales grew for the second straight month, gaining 2 percent to a seasonally adjusted annual rate of 5.6 million in October from September’s upwardly revised 5.49 million. The National Association of Realtors reported that on a year over year basis, sales were up 5.9 percent and were at the highest level since February 2007 (5.79 million).
“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, NAR chief economist. “Buyers are having more success lately despite low inventory and prices that continue to swiftly rise above incomes.”
