Existing Home Sales Up for First Time in Seven Months

Data from the National Association of Realtors shows that the annual rate of existing home sales rose to 5.22 million in October, the highest rate in seven months.

While this number is above economists’ predicted rate of 5.2 million, it is still down 5.1 percent from a year ago, the Los Angeles Times reports. The same NAR report showed that median home sales price rose 3.8 percent in October from a year earlier, while available inventory of homes expanded 2.8 percent.

Two other housing reports this week gave a mixed picture of the sector: Sentiment among homebuilders dropped the most since 2014 in November amid pessimism over both current and future demand, while government data showed housing starts rebounding slightly in October. Even with the slowdown in the housing market, Federal Reserve officials are still expected to raise interest rates in December for the fourth time this year and continue tightening in 2019, as consumer spending is seen remaining solid.

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