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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
Add BT as a preferred sourcePublished Tue, Nov 22, 2016 · 09:50 PM
Washington
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 Association of Realtors said on Tuesday existing home sales increased 2.0 per cent to an annual rate of 5.6 million units last month, the highest level since February 2007. September's sales pace was revised up to 5.49 million units from the previously reported 5.47 million units.
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