Existing Home Sales Rise in October

The increase to an annual rate of 4.97 million homes surpassed economists’ forecasts of a 4.8 million rate, Bloomberg reported.

The median price of existing homes fell 4.7% from a year ago, to $162,500.

Sales increased in three of four national regions, led by a 4.4% increase in the West. Sales declined 5.1% in the Northeast.