WASHINGTON — Existing home sales rose 1.5% to a seasonally adjusted 5.26 million-unit rate in October from a revised 5.18 million pace the previous month, the National Association of Realtors announced Thursday.
The September rate was originally reported as a 5.17 million pace.
The October rate represents a 2.5% increase from the same month a year ago, and was stronger than the median 5.16 million unit pace predicted by economists polled by Thompson Reuters.
NAR chief economist Lawrence Yun said the October figure was the highest since September of last year. Sales were above year-over-year levels for the first time since October 2013, he added.
Sales in October rose from the previous month in three of the four regions: 2.9% in the Northeast, 5.1% in the Midwest and 2.8% in the South. Sales fell 5.0% in the West.
The median sales price was $208,300 in October, a 5.5% increase from a year ago.
Inventory levels fell 2.6% from the previous month to 2.22 million existing homes, representing a 5.1-month supply at the current pace. Inventory was up 5.2% from the October 2013 level.
