WASHINGTON — U.S. home sales rose in October, breaking a six-month losing streak. But sales are still down from a year ago, hurt by rising interest rates.
The National Association of Realtors says that sales of existing homes climbed 1.4 percent to a seasonally adjusted annual rate of 5.22 million last month from 5.15 million in September. But the October sales were still down 5.1 percent from a year earlier, the largest annual drop since July 2014.
“No way is the housing market on solid ground at the moment,” says Lawrence Yun, the association’s chief economist. He blamed a sharp increase in mortgage rates over the past year.
October sales were up in three of four U.S. regions. Only the Midwest recorded a drop in sales last month.
By PAUL WISEMAN ,Associated Press