Rebounding in October, Existing Home Sales grew 1.9% to a 5.46 million annual rate, up 4.6% from a year ago, extending the general upward trend since January. The only negative was another year-over-year drop in inventory.
But builders are helping out, as Building Permits for single-family homes have risen six months in a row, hitting a new post-recession high in October. Housing Starts also gained for the month, now up 8.5% over a year ago.
No surprise that the National Association of Home Builders reported builder confidence near the highest level of the year. Their chair cited “ongoing positive conditions, spurred in part by low mortgage rates and continued job growth.”