Existing Home Sales Drop Year-Over-Year For 2nd Straight Month - First Time Since 2014
Following September's positive housing data rebound, October data is starting well with existing home sales surging 2.0% MoM (better than expected 0.2%) to 5.48mm SAAR, as US existing home sales inventory tumbled 10.4% YoY, to 1.8 months, the lowest since 1999.
Sales of previously owned U.S. homes rose to a four-month high, indicating demand was firming at the start of the quarter as the impact from hurricanes faded, according to a National Association of Realtors report released Tuesday.