November 21, 2024 – 7:31 AM PST
WASHINGTON (Reuters) – U.S. existing home sales rebounded sharply in October, posting the first annual gain since mid-2021, as buyers rushed into the market to take advantage of a brief decline in mortgage rates.
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Home sales jumped 3.4% last month to a seasonally adjusted annual rate of 3.96 million units, the National Association of Realtors said on Thursday. Economists polled by Reuters had forecast home resales rebounding to a rate of 3.93 million units. Sales slumped to a rate of 3.83 million units in September, which was the lowest since October 2010.
Sales increased 2.9% year-on-year, the first annual rise since July 2021.
“The worst of the downturn in home sales could be…
