October brings autumn revival for housing market

Existing home sales shot up in October to the highest annualized pace in almost a decade, according to the new report from the National Association of Realtors.  “The existing home sales market continues to show surprising strength, defying expectations for a modest fall and instead delivering the strongest month in almost a decade,” Zillow Chief Economist Svenja Gudell said. “Clearly, the market continues to underestimate just how much demand for homes is out there, even in the face of tight inventory and rising existing home prices that are now the highest on record.” (Source: Housing Wire, November 22, 2016, Kelsey Ramírez) Read more.