U.S. existing home sales rally more than expected

Note: This section contains information in English only.
Source: CNBC
© scanpix/AFP
According to data released by the National Association of Realtors, the U.S. existing home sales advanced 2.1% to 4.79 million on seasonally adjusted basis in October, showing better-than-expected results. The existing home sales inventory dropped 1.4% to 2.14 million throughout the last month.

"In view of the tightening supply and other improving conditions, many potential buyers who were on the fence are now motivated to move forward with a purchase in order to take advantage of today's favorable prices and interest rates," said NAHB Chairman Barry Rutenberg.

Meanwhile, the nation's homebuilder confidence surged to 41 in November, showing signs of growth for the seventh consecutive month and touching the highest level since May 2006. However, the reading was still below 50, indicating the builders still regard conditions as insufficient.


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