Total existing-home sales increased 1.5 percent in October to a seasonally adjusted annual rate of 5.26 million in October from 5.18 million in September, according to the National Association of Realtors.
Sales are at their highest annual pace since September 2013—also 5.26 million. They are now 2.5 percent above year-over-year levels, making it the first time rates have surpassed year-over-year levels since last October.
The increase is attributable to low interest rates, improved inventory and price growth stabilization, said Lawrence Yun, NAR chief economist, in a statement.
What's more, the job market has showed continued growth in the past six months, which Yun said "bodes well for solid demand to close out the year and the likelihood of additional months of year-over-year sales increases."
The median existing-home price in October was $208,300, which is 5.5 percent above October 2013. This is the 32nd consecutive month of year-over-year price gains.
