The consensus range for existing home sales was 5.25M to 5.50M. The actual number was 5.55M, giving the report the status of positive surprise to the upside.
The month’s annual sales rate, at 5.55M, is the second best reading of the recovery. The year-on-year percentage gain, at plus 8.8 percent, is back where it was during the sales gains of the spring.
The gain is centered almost entirely in the single-family component which rose 5.3 percent to a 4.93 million rate.