The seasonally adjusted annual rate of 5.60 million is the highest rate since February 2007
The silver lining revealed in last month's National Association of Realtors existing home sales report has gotten a bit brighter thanks to would-be buyers coming out of hiding and taking advantage of a healthy autumn housing market.
In October, existing home sales rose 2.0 percentage points to a seasonally adjusted annual rate (SAAR) of 5.60 million — up from an upwardly revised 5.49 million in September.
October’s sales pace is 5.9 percentage points above October 2015 and blew past June’s pace of 5.57 million — which were the highest numbers seen since February 2007.
All regions experienced an uptick in sales, and distressed sales increased 1…