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Existing home sales climb in September

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(Read caption) This chart shows the number of existing single family homes sold monthly over the past five years. Sales have increased steadily since the beginning of 2011 and climbed over 2 percent in October 2012.

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Yesterday, the National Association of Realtors (NAR) released their Existing Home Sales Report for October showing a increase in sales with total home sales rising 2.1% since September and climbing 10.9% above the level seen in October 2011. 

Single family home sales also rose climbing 1.9% from September rising 9.6% above the level seen in October 2011 while the median selling price declined slightly on the month but increased 10.9% above the level seen a year earlier. 

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Inventory of single family homes went flat from September at 1.89 million units dropping 20.9% below the level seen in October 2011 which, along with the sales pace, resulted in a fairly balanced monthly supply of 5.4 months. 

The following charts (click for full-screen dynamic version) shows national existing single family home sales, median home prices, inventory and months of supply since 2005.