Existing home sales rise in October

According to a report from the National Association of Realtors, existing home sales in the U.S. rose 2.1% in October. 

Existing home sales grew to seasonally adjusted annual rate of 4.79 million units, according to a report issued Monday morning by the National Association of Realtors. 

The figure is up 2.1% from September’s rate, and up 10.9% from the 4.32 million level in October 2011.

“Home sales continue to trend up and most October transactions were completed by the time the storm hit, but the growing demand with limited inventory is pressuring home prices in much of the country," said Lawrence Yun, NAR chief economist. "We expect an impact on Northeastern home sales in the coming months from a pause and delays in storm-impacted regions.” 

The median existing-home price rose 11.1% from the prior year to $178,600.