Existing-home Sales Rise 1.5% In October

Sales of existing homes rose 1.5% in October to a seasonally adjusted annual rate of 5.26 million, the highest level since September 2013, supported by low interest rates, more homes on the market and slower price growth, the National Association of Realtors reported Thursday. Economists polled by MarketWatch had expected the sales rate to decline to 5.15 million in October from an originally reported 5.17 million in September. On Thursday NAR revised September's sales pace to 5.18 million. October's pace of sales was up 2.5% from a year earlier - the first annual growth in a year. The median sales price of used homes hit $208,300 in October, up 5.5% from the year-earlier period. October's inventory was 2.22 million existing homes for sale, a 5.1-month supply at the current sales pace. The number of homes available for sale was up 5.2% from the year-earlier period.