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Existing Home Sales Surge |
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Written by Jeff
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Monday, 23 November 2009 21:40 |
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Existing-home sales – including single-family, townhomes, condominiums and co-ops – surged 10.1 percent to a seasonally adjusted annual rate1 of 6.10 million units in October from a downwardly revised pace of 5.54 million in September, and are 23.5 percent above the 4.94 million-unit level in October 2008. Sales activity is at the highest pace since February 2007 when it hit 6.55 million. Our full report is here - October Existing Sales Report
Remember though - it's new home sales and housing starts that are better indicators of a turn around in the economy. Existing home sales continue to be driven by the Homebuyer Tax Credit and distressed sales - short sales and REO sales.
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