Americans took advantage of lower mortgage rates and purchased more homes in October, though sales were held back by a shortage of available properties.
The National Association of Realtors said Thursday that sales of existing homes rose 1.9% last month to a seasonally adjusted annual rate of 5.46 million. That’s 4.6% higher than a year ago, suggesting that lower borrowing costs are bolstering the housing market.
Still, the data shows a mixed picture. Housing, including home construction, has picked up this year and fueled economic growth in the July-September quarter for the first time in nearly two years. Economists expect it will boost growth in the current quarter as well.
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