US existing home sales edge up from record low
Wednesday, 2 January 2008
WASHINGTON, Jan 1 (Reuters): The pace of existing US home sales edged up in November from a record low, according to a report yesterday that offered some tentative signs of stabilisation in the still- ailing housing market.
Sales of previously owned homes rose 0.4 per cent to a 5 million-unit annual rate, the first increase in nine months, the National Association of Realtors said.
Economists and investors breathed a small sigh of relief that the glut of unsold homes was smaller than a month earlier, dipping to 10.3 months' supply at November's sales pace from 10.7 in October, as falling prices spurred stronger demand.
Wall Street economists had expected home resales to hold steady at October's previously reported 4.97 million-unit pace.
Sales of previously owned homes rose 0.4 per cent to a 5 million-unit annual rate, the first increase in nine months, the National Association of Realtors said.
Economists and investors breathed a small sigh of relief that the glut of unsold homes was smaller than a month earlier, dipping to 10.3 months' supply at November's sales pace from 10.7 in October, as falling prices spurred stronger demand.
Wall Street economists had expected home resales to hold steady at October's previously reported 4.97 million-unit pace.