Steel Markets
November 20, 2017
Existing Home Sales Rise Nationwide
Written by Sandy Williams
Existing home sales increased for the second month in a row and at the strongest pace since early summer. Total sales in October, including single-family homes, townhomes, condominiums and co-ops, increased 2.0 percent from the previous month to a seasonally adjusted annual rate of 5.48 million.
Lawrence Yun, National Association of Realtors chief economist, says sales activity in October picked up for the second straight month, with increases in all four major regions. “Job growth in most of the country continues to carry on at a robust level and is starting to slowly push up wages, which is in turn giving households added assurance that now is a good time to buy a home,” he said. “While the housing market gained a little more momentum last month, sales are still below year-ago levels because low inventory is limiting choices for prospective buyers and keeping price growth elevated.”
