Mubasher: Data showed a rise in US home sales by more than expected in October as the effects of the recent hurricanes began to ease.

However, a chronic shortage of houses which is pushing prices beyond the reach of some first-time buyers remains an obstacle, as Reuters reported on Tuesday.

The American National Association of Realtors said on Tuesday that existing home sales rose 2% to a seasonally adjusted annual rate of 5.48 million units last month.

Existing home sales make up about 90% of US home sales, recording 0.9% year-on-year decrease in October and remaining below a 10-year-high

Economists previously has forecasted home sales rising by only 0.7% compared to September.