U.S. home sales rose in October as hurricane impact wanes
WASHINGTON – Americans bought more homes last month, as sales snapped back in hurricane-hit Texas and Florida.
Yet the market is still suffering from a dwindling supply of available homes.
Sales rose 2 percent in October to a seasonally adjusted annual rate of 5.48 million, the National Association of Realtors said this past week. That’s the fastest pace since June.
Still, sales have slipped 0.9 percent from a year ago. The number of available homes has fallen 10.4 percent from a year earlier to just 1.8 million. That’s the lowest for any October since the real estate group began tracking the data in 1999.
The tight supply is pushing up prices and thwarting many would-be home buyers. The median home price jumped 5.