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Home resales surge to 9 1/2-year high, point to stronger economic growth

Sales in October up 2% to an annual rate of 5.6 million units, the highest since February 2007

Despite last month's surprise rise, existing home sales remain constrained by a persistent shortage of properties available for sale.


US home resales rose in October to their highest level in more than 9 1/2 years amid pent-up demand, offering more evidence of a pickup in economic growth in the fourth quarter, but a recent surge in mortgage rates could slow housing market activity.

The National

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