US existing home sales rose to a seasonally adjusted annualised rate of 4.06m in September, according to the National Association of Realtors, ahead of forecasts of 4.1m.
Source: Sharecast
September's print saw existing home sales rise 1.5%, more than reversing the previous month's 0.02% decline, with sales increasing in the Northeast, South, and West, offsetting a fall in the Midwest.
Year-on-year, sales rose in the Northeast, Midwest, and South, but remained flat in the West.
NAR chief economist Lawrence Yun said: "As anticipated, falling mortgage rates are lifting home sales. Improving housing affordability is also contributing to the increase in sales."
Reporting by Iain Gilbert at Sharecast.com
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