U.S. existing-home sales up in Oct. after mortgage-rate drop

NEW YORK, Nov. 21 (Xinhua) -- Sales of previously owned U.S. homes rose in October by the most since earlier this year, as buyers took advantage of a dip in mortgage rates in the past month, new data showed.

Contract closings increased 3.4 percent from a month earlier, the most since February, to a 3.96 million annualized rate, according to data released on Thursday by the National Association of Realtors (NAR).