Existing home sales moved higher in October, the second consecutive month of growth. The National Association of Realtors® (NAR) said sales of pre-owned single-family houses, townhomes, condos and cooperative apartments was at a seasonally adjusted annual rate of 6.34 million units.  This was 0.8 percent higher than the rate of 6.290 million in September but 5.8 percent below the 6.73 million rate a year earlier. Single-family home sales increased 1.3 percent from 5.59 million in September to a seasonally adjusted annual rate of 5.66 million, but this lagged the October 2020 sales by 5.8 percent. Condo and co-op sales fell 2.9 percent month-over-month to 680,000 units and were 5.6 percent lower an on annual basis. Sales were slightly higher than estimated by analysts polled by Econoday and Trading Economics. Both had projected a consensus of a 6.2 million rate.

 

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