Existing-home sales in October were at a seasonally adjusted annual rate of 5.6 million, a 2 percent increase from September’s rate of 5.49 million and a 5.9 percent gain compared with October 2015’s rate of 5.29 million, according to the National Association of Realtors.
October’s rate was the highest rate since a seasonally adjusted annual rate of 5.79 million was reported in February 2007.
The sales activity in the past two months symbolizes a “convincing autumn revival” for the housing market, said NAR Chief Economist Lawrence Yun in a statement.
“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,” he said. “Buyers are having more success lately despite low inventory and prices that continue to swiftly rise above incomes.”
