Existing-home sales, which include previously owned single-family houses, townhomes, condominiums, and co-ops, increased 1.4 percent in October, according to the National Association of Realtors. The gains put sales 13.5 percent above last year’s levels. Lawrence Yun, NAR’s chief economist, said the market has been steady but sales have been stuck in a narrow range despite several improving factors including job creation, rising rent, and high affordability conditions. The national median existing-home price was $162,500. Housing inventory continued trending downward, falling another 2.2 percent at the end of October. More here.

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