Industry NewsMarkets & Economy

Strong sales and tight inventory boost home prices

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A combination of rising sales and the lowest inventory in six years helped existing-home prices post annual gains for the eighth month in a row in October, the National Association of Realtors said today.Sales of existing homes were up 2.1 percent from September to October and 10.9 percent from a year ago, to a seasonally adjusted annual rate of 4.79 million.At $187,600, the national median price for all housing types including single-family homes, townhomes, condominiums and co-ops was up 11.1 percent from a year ago. The national median price last posted eight consecutive months of annual gains before the crash -- from October 2005 to May 2006.Also released today, a survey by the National Association of Home Builders showed builder confidence rose in November for the seventh month in a row to its highest point since May, 2006.Rising home prices are boosting home equity, and NAR Chief Economist Lawrence Yun thinks the improvement co...