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MNI BRIEF: US Oct Existing Home Sales Fastest Since January

WASHINGTON (MNI)

U.S. existing home sales grew 0.8% to 6.34 million SAAR in October, beating market expectations and the strongest pace since January, the National Association of Realtors reported Monday.

"We are easily on pace this year to surpass 6 million on the annual total, which will be the best performance in 15 years," NAR chief economist Lawrence Yun told reporters. "Inflationary pressures, such as fast-rising rents and increasing consumer prices, may have some prospective buyers seeking the protection of a fixed, consistent mortgage payment."

A shortage of housing supply continues to pressure prices, which are up 13.1% yoy to USD353,900, and inventory dipped in October by 0.8% mom to 1.25 million units. Properties on average stayed on the market for 18 days in October, a tick up from September.

MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com

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