NEW YORK (TheStreet) -- Existing homes sales for October jumped to the highest level in a decade, according to data released Tuesday by the National Association of Realtors, showcasing that there is strong housing demand within the U.S. economy.
Sales of previously owned homes came in at a seasonally adjusted annual rate of 5.6 million for October, a 2% increase from September and a 5.9% rise from a year ago. Economists had forecast for a rate of 5.42 million.
"The fundamentals for housing are very good. The data had been, I would say, surprisingly kind of flat over the course of the year. And I've been expecting a pickup and it feels like in October maybe we started to see that," Amherst Pierpont Chief Economist Stephen Stanley said on this afternoon's "Bloomberg Markets: Americas."
Stanley noted that it is "ironic" that just as we are starting to see better housing data, people will now be concerned about what will happen when mortgage rates rise.
It's been two weeks since the U.S. presidential election and Republican Donald Trump's surprise victory. BloombergTV's Vonnie Quinn asked Stanley how the economy will fare under the new administration.
"I think at the margin, most of what's been talked about is going to be positive," he responded. "My view for a long time has been that the economy was being held back to a degree, by both the substance of what we had as well as some of the uncertainty around both taxes and regulation."
Stanley sees the tax cut as coming to realization with difficulty and taking some time. But he thinks the approach in regards to regulatory policy is going to change almost immediately under the new administration and will be encouraging to business.