Home sales rise to highest level
in 2.5 years
10.1 percent increase beat analyst expectations by more than sevenfold
updated 1 hour, 41 minutes ago
WASHINGTON – Home sales far exceeded expectations last month, surging to the highest level in two and a half years as first-time buyers rushed to take advantage of an expiring tax credit.
The National Association of Realtors said Monday that home resales rose 10.1 percent to a seasonally adjusted annual rate of 6.1 million in October, from a downwardly revised pace of 5.54 million in September.