Existing Home Sales Rose In October
Sales of existing homes rose 2.1 percent in October despite the impact of Hurricane Sandy, while lower levels of available homes drove sale prices upward, according to the National Association of Realtors.
Sales rose to a seasonally adjusted rate of 4.79 million last month, down from a downwardly revised 4.69 million in September, but 10.9 percent above the 4.32-million level from October 2011.
Meanwhile, the national median sale price of an existing home in October was $178,600, which is up 11.1 percent from October 2011. The Realtors' group said that marked the eighth consecutive month of year-over-year increases.
Lawrence Yun, the group's chief economist, said rising prices have led to a $760-billion hike in home equity in the past year, which could reach $1 trillion in 2013.
Yun also said a pause and delays in home-sale activity in the areas of the country affected by Hurricane Sandy could impact sales in the coming months.
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