Sales of previously owned homes in the US rose in October at a faster-than-expected pace to the highest in more than 2.5 years as buyers rushed to take advantage of a popular tax credit, according to a new survey.
The National Association of Realtors said sales surged a record 10.1 per cent to an annual rate of 6.10 million units, the highest since February 2007, from a downwardly revised 5.54 million unit pace in September.
Analysts had expected October sales to jump to a 5.70 million unit pace from the previously reported 5.57 million units in September.
Compared to October last year, home sales were up by a record 23.5 per cent.
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Reuters