Tuesday, November 27, 2012 / by Nathan Clark
The U.S.housing market continued its rebound in October, with sales of existing homes rising 2.1 percent from September, according to the National Association of Realtors.
According to the NAR, sales rose to an annual adjusted rate of 4.79 million, up from September’s 4.69 million mark and 10.9 percent higher than in October of 2011. The NAR reported that the figure rose nationally despite the fact that Hurricane Sandy impacted October sales in some markets.
The national median home price was $178,600 in October, more than 11 percent higher than the same time last year. The rise in home prices, which has now stretched to eight consecutive months, has resulted in equity gains of $760 billion in the past year, according to the NAR.