Existing Home Sales Climb, Housing Recovery Gains Traction [View all]
(Reuters) - Home resales unexpectedly rose in October, a sign that slow improvements in the country's labor market are helping the housing sector recovery gain traction.
The National Association of Realtors said on Monday that existing home sales climbed 2.1 percent last month to a seasonally adjusted annual rate of 4.79 million units.
That was above the median forecast of a 4.75 million-unit rate in a Reuters poll.
NAR economist Lawrence Yun said superstorm Sandy, which slammed in the U.S. East Coast on October 29, had only a slight impact on home resales. The only region where the pace of sales slipped was the Northeast. But Yun said the storm could temporarily hold back the pace of sales in November and December.