US existing home sales rise 1.5pc in September

(Sharecast News) - 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. 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