Home Sales in US Rise to Nine-Month High, Shortages Persist-US News | The Epoch Times

Sales of U.S. homes, including new and previously-owned, rose unexpectedly in October to their highest level since the start of the year as recovery-related employment level gains propelled a healthy demand for accommodation. According to figures from the National Association of Realtors, there was an increase in the share of investors buying up homes last month, reflecting a growth in rentals as people start moving around for work. Contract closings increased 0.8 percent from September, totaling an annualized 6.34 million. Existing home sales, which is calculated when a contract closes, make up 90 percent of the U.S. housing market while new properties take up the remainder. New home sales are based on contract signings. “Home sales remain resilient given the extremely tight supply of homes for sale,” Shannon Brobst, an economist at Moody’s Analytics in West Chester, Pennsylvania, told Reuters. “Potential home buyers will continue to find it challenging to …

Naveen Athrappully

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