By Ruth Mantell
WASHINGTON (MarketWatch) -- Sales of existing homes rose 2.1% in October to a seasonally adjusted annual rate of 4.79 million from a downwardly revised rate of 4.69 million in September, the National Association of Realtors reported Monday. Economists polled by MarketWatch had expected a rate of 4.8 million for October. Sales are up 10.9% from the prior year. The median existing-home price rose 11.1% from the prior year to $178,600. Inventories declined 1.4% to 2.14 million units in October, representing at the current sales rate a 5.4-month supply, the lowest since 2006. Regionally, only the Northeast saw lower sales in October, with a decline of 1.7%, due, in part to Hurricane Sandy, which hit the area late in the month. There could be greater effects from Sandy in coming months, NAR said.
