Home resales far exceeded expectations last month, surging to the highest level in 2 1/2 years as first-time buyers rushed to take advantage of an expiring tax credit. The National Association of Realtors says sales rose 10.1% to a seasonally adjusted annual rate of 6.1 million in October, from a downwardly revised pace of 5.54 million in September. It was the highest sales level since February 2007. Sales, which were nearly 24% above last year’s level, had been expected to rise to an annual pace of 5.65 million, according to economists surveyed by Thomson Reuters. The median sales price was $173,100 down 7.1% from a year earlier, and off 1.6% from September.
U.S. home sales rise 10.1% in October
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