“Big gains” in existing home sales in October, Northeast region up more than national averages, NAR says

The National Association of REALTORS® (NAR) reported earlier this week …

“Driven by the home buyer tax credit, existing-home sales showed another big gain in October with a strong uptrend established over the past seven months, according to the NATIONAL ASSOCIATION OF REALTORS®. At the same time, inventories have continued to decline.

“Existing-home sales — including single-family, town homes, condominiums and co-ops — surged 10.1 percent to a seasonally adjusted annual rate of 6.10 million units in October from a downwardly revised pace of 5.54 million in September, and are 23.5 percent above the 4.94 million-unit level in October 2008. Sales activity is at the highest pace since February 2007 when it hit 6.55 million.”

Also, NAR reported that existing home sales in the Northeast, were up 11.6 percent to an annual level of  more than 1 million in October and up 27.7 percent over October 2008.