US Home resales in the US continued to surge last month, as buyers rushed to scoop up properties ahead of the anticipated expiration of the first-time homebuyer tax credit, lifting hopes that the housing market may have found firmer ground.
Sales of existing homes jumped by 10.1 per cent to an adjusted annual rate of 6.1m from September to October, the National Association of Realtors said on Monday. That easily exceeded economists’ predictions that resales would rise by 2.3 per cent and beat the previous month’s increase of 8.8 per cent.
