Existing Sales Beat Forecast Despite Taking a Hit From Hurricanes

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Posted To: MND NewsWire

It was only a small gain , albeit larger than analysts expected, but after three straight months of sliding sales, the existing home sales report for September is still good news. The National Association of Realtors® (NAR), said the month saw closed transactions for the purchase of single-family houses, townhouses, condos and cooperative apartments rise to a seasonally adjusted annual rate of 5.39 million. This is an increase of 0.7 percent from the August rate of 5.35 million. NAR noted that “Ongoing supply shortages and recent hurricanes muted overall activity.” This meant that even as sales were higher compared to August, they were down 1.5 percent year-over-year and were the second slowest of the year, trailing only those in August. Analysts polled by Econoday were looking for sales…(read more)

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