Sale of Existing Homes Rise in US

Sales of existing US homes - the largest part of America's vast housing market edged higher last month despite rising prices and tighter supplies, according to an industry report. The higher sales rate in October marked a recovery from the dip in the prior month and underscored continued willingness to buy amid low unemployment and rising wages. The faster sales should support GDP growth at the start of the fourth quarter, although sales declined in some regions. Total sales of single-family, townhomes, condos and coops rose 1.9 percent in October to an annual rate of 5.5 million, seasonally adjusted, which matched analysts' expectations. Sales were lifted by gains in the South and Midwest but fell elsewhere, according to the National Association of Realtors' monthly report. NAR chief economist Lawrence Yun said low mortgage rates were drawing in consumers who are increasingly able to enter the market as wages climb, although the supply of available homes remains a challenge.