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U.S. existing home sales hit more than 9-1/2-year high

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Staff Writer | November 23, 2016
U.S. home resales rose in October to their highest level in more than 9-1/2 years amid pent-up demand.
U.S. existing home sales
Homes   Sales were up 5.9 percent from a year ago
The National Association of Realtors said existing home sales increased 2.0 percent to an annual rate of 5.6 million units last month, the highest level since February 2007.

September's sales pace was revised up to 5.49 million units from the previously reported 5.47 million units.

The NAR attributed the surprise rise in sales last month to "unrealized pent-up demand" after would-be buyers were held back by tight supply over the summer.

Sales were up 5.9 percent from a year ago. Last month, existing home sales rose in all for regions.