Existing Homes Sales Unexpectedly Rise 1.4%

Sales of previously owned homes in the U.S. unexpectedly rose in October, a sign falling prices may be luring buyers into the market.

Purchases increased 1.4 percent to a 4.97 million annual rate, the National Association of Realtors said in Washington. The median forecast of 75 economists surveyed by Bloomberg News projected a 4.8 million rate. The median price of a house decreased 4.7 percent from the same month in 2010, and the number of properties on the market was the lowest for any October since 2005.

Borrowing costs near a record low are helping homebuyers take advantage of housing that’s growing more affordable as prices drop. At the same time, the end of a temporary halt on foreclosures may push more properties on the market, triggering further slides in value that may prevent the market from recovering for years.

Read Full Article from Bloomberg

- Posted: 2011-11-21 10:00:43

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