Existing Home Sales Rise

Sales of previously owned homes got a boost last month while the number of homes on the market continued to decline, according to data released Monday by the National Association of Realtors (NAR).

The trade group recorded a 1.4 percent month-over-month increase in existing-home sales in October, pushing the annual rate of sales to 4.97 million. NAR’s latest reading is 13.5 percent above last year's sales pace.

NAR says the housing supply has been trending gradually down since July 2008.  Distressed homes – foreclosed REOs and short sales – slipped to 28 percent of October’s transactions.

“In some areas we’re hearing about shortages of foreclosure inventory in the lower price ranges with multiple bidding on the more desirable properties,” Yun said. “Realtors in such areas are calling for a faster process of getting foreclosure inventory into the market because they have ready buyers.”

All-cash sales made up 29 percent of last month’s purchases.

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