US existing home sales rise at fastest pace since January

By Ovunc Kutlu

ANKARA (AA) - The US' existing home sales increased last month at the fastest pace since January, according to National Association of Realtors (NAR) data released on Monday.

Existing home sales, which measure the change in the number of existing residential buildings that are sold in a period, rose 0.8% from the previous month to reach 6.34 million in October.

While the market estimate was 6.2 million, existing home sales stood at 6.29 million in September.

"The median existing-home sales price increased 13.1% year-over-year to $353,900," NAR said in a statement.

"From one year ago, the inventory of unsold homes decreased 12% to 1.25 million -- equivalent to 2.4 months of the monthly sales pace," it added.

NAR Chief Economist Lawrence Yun said home sales remain resilient despite low inventory and increasing affordability challenges.

"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," Yun said.