By Jann Swanson | Mortgage News Daily
October existing home sales added to September’s rebound, rising to the highest annualized pace in nearly a decade. The National Association of Realtors® (NAR) said sales transactions that include single-family, condo, townhouse, and coop apartments were up 2.0 percent to a seasonally adjusted annual rate of 5.60 million units. This, added to September’s 3.2 percent gain, brought the rate of sales up 5.9 percent compared to October 2015. NAR also revised the September number even higher, to 5.490 units rather than the 5.470 units originally reported. October’s activity eclipsed the previous high, set last June, to become the best month since February 2007 when there were 5.79 million existing homes sold.
