Existing Home Sales Held Steady in October

Sales of existing homes remained steady last month. This is another indication the housing market is transitioning into a more normal market in contrast with unsustainable activity last year.

Total existing home sales rose 0.5% to a seasonally adjusted annual rate of 6.24 million units in October from an upwardly revised pace of 6.21 million in September. Rates were 11.5% below the 7.05 million-unit level in October 2005.