US existing home sales grow in October

US existing home sales rose unexpectedly in October to their highest level since the beginning of 2021, indicating healthy demand was still present as a heightened level of buyers looked to take advantage of strong job growth and low mortgage rates.

According to the National Association of Realtors, contract closings grew 0.8% month-on-month to an annualised print of 6.34m, according to the National Association of Realtors, ahead of economists expectations for a print of 6.2m.

However, home sales were down 5.8% year-on-year, with November 2020 being a cyclical peak in a Covid-19 pandemic surge in home buying.

The median existing-home price for all housing types was $353,900 last month, up 13.1% from a year ago to a 116th consecutive monthly increase - the longest-running rally on record.