Existing home sales up 4.3% in October, fifth monthly gain

CHARLOTTE, N.C. — Sales of existing homes rose for a fifth straight month in October, the National Association of Realtors said today.

Existing homes sales rose 4.3% to an seasonally-adjusted rate of 6.85 million annualized units, the industry trade group said. Reflecting the searing-hot housing market, that figure is up 26.6% from a year earlier.

The median price of an existing home was $313,000, up 15.5% from a year earlier, mostly reflecting that the nationwide inventory of existing homes remains at or near record lows. The inventory of unsold homes sits at 2.5 months’ supply, down from 2.7 months’ supply in September.