Rise in existing-home sales is first since February - MarketWatch

Rise in existing-home sales is first since February - MarketWatch: "By Rex Nutting, MarketWatch
Last Update: 3:18 PM ET Nov 28, 2006


WASHINGTON (MarketWatch) -- Sales of existing U.S. homes rose 0.5% to a seasonally adjusted annual rate of 6.24 million in October, the first increase since February, the National Association of Realtors reported Tuesday.
Inventories of unsold homes on the market continued to grow, while sales prices fell at the fastest pace ever recorded.

The report was better than expected. Economists were forecasting sales to fall to 6.15 million annualized, according to a survey conducted by MarketWatch. See Economic Calendar.

September's sales were revised higher to 6.21 million from 6.18 million initially reported. Sales are down 11.5% from October 2005's 7.05 million pace.

'As expected, existing-home sales appear to be stabilizing, fingers and toes crossed,' said David Lereah, chief economist for the Realtors. Market fundamentals are improving, he said.

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Source: MarketWatch.