Existing home sales increased by 0.2 percent to an annualized rate of 5.480 million in the month of October 2017, marking the largest increase in the previous 7 months.


The increase was concentrated in the Northeast, where sales increased by 4.2 percent following a surprise burst in the previous month of September. Sales in the South increased by 1.9 percent, showing that the region has begun to rebound after the destruction caused by Hurricane season. Sales in the West also increased, rising by 2.4 percent.


However, despite the increase in sales, the chronic shortage of houses is continuing to push prices up, beyond the reach of many first-time buyers and the annual rate for total exiting home sales was measured at negative 0.9 percent.