US home sales rise in October

Washington: Sales of existing US homes -- the largest part of America´s vast housing market -- edged higher last month despite rising prices and tighter supplies, according to an industry report on Thursday.

The higher sales rate in October marked a recovery from the dip in the prior month and underscored continued willingness to buy amid low unemployment and rising wages.

The faster sales should support GDP growth at the start of the third quarter, although sales declined in some regions. Total sales of single-family, townhomes, condos and coops rose 1.9 percent in October to an annual rate of 5.5 million, seasonally adjusted, which matched analysts´ expectations.

Sales were lifted by gains in the South and Midwest but fell elsewhere, according to the National Association of Realtors´ monthly report.

Median prices jumped 6.2 percent compared to October of last year to $270,900, marking the 92nd straight month of price increases. Inventories, meanwhile, fell 2.7 percent from September to 1.8 million units, representing a supply of 3.9 months at the current sales rate.