Purchases of previously-owned U.S. homes fell in October to the lowest level in four months as limited supply and higher mortgage rates restrained momentum in the housing-market recovery.
Sales of existing U.S. homes fell in September for the first time in three months as higher prices and mortgage rates curbed demand in an industry that helped boost the expansion last year.
Purchases of previously owned U.S. homes rose more than projected in May, a sign the industry is stabilizing after a weather-depressed quarter.
Americans snapped up previously owned homes in May in the biggest monthly sales gain in almost three years, a sign the residential real estate market is regaining its footing after a stumble early in the year.
"The consistent economic growth and steady hiring we've seen in the second half of this year is giving buyers enough assurance to consider purchasing a home before year's end."
- Lawrence Yun on Dec 31, 2014
NAR's Yun Says Home Sales Limited by Weather, Prices (Audio)