FILE- In this Aug. 30, 2018, file photo sold placards top sale signs outside homes on the market in Denver. On Wednesday, Nov. 21, the National Association of Realtors reports on sales of existing homes in October. (AP Photo/David Zalubowski, File)

US home sales rise 1.4 percent, snap 6-month losing streak

November 21, 2018 - 10:02 am

WASHINGTON (AP) — U.S. home sales rose in October, breaking a six-month losing streak. But sales are still down from a year ago, hurt by rising interest rates.

The National Association of Realtors says that sales of existing homes climbed 1.4 percent to a seasonally adjusted annual rate of 5.22 million last month from 5.15 million in September. But the October sales were still down 5.1 percent from a year earlier, the largest annual drop since July 2014.

"No way is the housing market on solid ground at the moment," says Lawrence Yun, the association's chief economist. He blamed a sharp increase in mortgage rates over the past year.

October sales were up in three of four U.S. regions. Only the Midwest recorded a drop in sales last month.

AP Editorial Categories: 
Comments ()