iStock/Thinkstock(NEW YORK) — Americans were snatching up homes last month at the fastest pace in nearly 10 years, according to the National Association of Realtors.
Sales of existing homes rose 2 percent to 5.6 million in October, up from 5.49 million the month before. The sales pace is the highest since February 2007.
“October’s strong sales gain was widespread throughout the country and can be attributed to the release of the unrealized pent-up demand that held back many would-be buyers over the summer because of tight supply,” NAR chief economist Lawrence Yun said in a statement. “Buyers are having more success lately despite low inventory and prices that continue to swiftly rise above incomes.”
Yun added that the increase last month was helped by low mortgage rates and a stable job market.
“The good news is that the tightening labor market is beginning to push up wages and the economy has lately shown signs of greater expansion. These two factors and low mortgage rates have kept buyer interest at an elevated level so far this fall,” he said.
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