Existing home sales for the month of September jumped 10% to 4.53M. This is well ahead of what Wall Street was expecting at 4.25M. The National Association of Realtors also reported inventory of unsold existing homes on the market fell 1.9% to 4.04 million. However, median sales price slipped 2.4% year-over-year to 1700. The major stock indexes jumped on the positive news.
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