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Existing home sales in the US jumped 10.1 per cent in October, the National Association of Realtors revealed yesterday.
The hike pushed the annual rate of unit sales to 6.1 million – the highest level since 2007 and significantly up on the 5.57 million units predicted by economists.
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According to the Association, around 30 per cent of the sales were of distressed homes while 33 per cent of October buyers were to first home buyers.
Overall, sales rose 11.6 per cent in the northeast of the county, 1.6 per cent in the west, 12.7 per cent in the south and 14.4 per cent in the Midwest.
