Existing home sales climb in October

In October, total home sales climbed 1.4 percent since September and 13.5 percent above the level seen in October 2010.

Today, the National Association of Realtors (NAR) released their Existing Home Sales Report for October showing an increase in sales with total home sales climbing 1.4% since September and 13.5% above the level seen in October 2010.

Single family home sales increased 1.6% from September and rose 13.8% above the level seen in October 2010 while the median selling price declined 5.8% below the level seen in October 2010.

Inventory of single family homes declined 0.5% from September dropping 12.2% below the level seen in October 2010 which, combined with the relatively slow pace of sales, resulted in an still elevated monthly supply of 7.8 months.

The above chart (click for full-screen dynamic version) shows national existing single family home sales, median home prices, inventory and months of supply since 2005.