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Housing market continues to rebound back; Home sales up almost 11 percent from year ago

dennis-norman-st-louis-realtor-In October, existing home sales were at an annual rate of 4.79 million homes, up 2.1 percent from September and up 10.9 percent from October 2011, according to the National Association of REALTORS® (NAR).  Other good news in the report included that there were 2.14 million homes for sale in October, a drop of 1.4 percent from September and a 21.9 percent drop from October 2011.  With the increased home sales, and decreased inventory, the months supply of homes for sale on the market dropped in October to a 5.4 month supply, the lowest rate it has been at in over 5 years and only the second time it has been below 6 months in over 5 years. To get your own copy of the current NAR existing home sales report click here.