Existing Home Sales Increase in October

Washington, DC, Nov. 21, 2011 -- Home resales rose 1.4% to a seasonally adjusted annual rate of 4.97 million from 4.9 million in October, according to the National Association of Realtors.

Economists had anticipated a decline to an annual rate of 4.8 million.

The median price of homes dropped 4.7% from year-ago levels to $162,500.

Inventories fell 2.2% to 3.3 million, reflecting 8.0 months of supply at current sales rates.