Mumbai, Nov. 21 -- Partly reflecting strength in the Midwest, the National Association of Realtors released a report on Thursday showing existing home sales in the U.S. increased by much more than expected in the month of October.
NAR said existing home sales shot up by 1.2 percent to an annual rate of 4.10 million in October after jumping by 1.3 percent to a downwardly revised rate of 4.05 million in September.
With the bigger than expected increase, existing home sales reached their highest annual rate since hitting 4.27 million in February.
Existing home sales in the Midwest led the way higher, surging by 5.3 percent to an annual rate of 990,000, while existing home sales in the South rose by 0.5 percent to an annual rate of 1.860 mil...