WASHINGTON (November 19, 2012)--Sales of previously occupied homes rose solidly in October, helped by improvement in the job market and cheap mortgages, the National Association of Realtors said Monday.
The association said sales rose 2.1 percent to a seasonally adjusted annual rate of 4.79 million, up from 4.69 million in September, which was revised lower.
The sales pace is roughly 11 percent higher than a year ago, but it remains below the more than 5.5 million that economists consider consistent with a healthy market.
Superstorm Sandy delayed some sales in the Northeast, the Realtors' group said.
Sales fell 1.7 percent, the only region to show a decline.
Most of the drop was because of the storm, but those sales will likely be completed in future months, the group said.