Home sales rise 4.3% in October

CHARLOTTE, N.C. — Sales of existing homes rose for a fifth consecutive month in October, reaching a level not seen in 14 years.

The National Association of Realtors said Thursday that existing homes sales rose 4.3% to an seasonally-adjusted rate of 6.85 million annualized units. That is up 26.6% from a year earlier.

The 6.85 million figure is the highest for that data since February 2006 — the eve of when the housing market reached its apex and subsequently collapsed.

The median price of an existing home was $313,000, up 15.5% from a year earlier, reflecting inventory still near record lows.

The inventory of unsold homes sits at 2.5 months’ supply, down from 2.7 months’ supply in September.