Existing Home Sales Rise, Beat Forecast

The National Association of Realtors released September existing home sales, showing an annualized rate of 5.17 million units sold, versus expectations of 5.1 million and the highest reading in over a year. Sales of existing single-family homes rose 2 percent to 4.56 million in September from the prior month, which was also the fastest pace in a year. Purchases of multifamily properties increased 5.2 percent to a 610,000.The median price of an existing home rose to $209,700, a 5.6 percent increase from last year, with the South showing the largest advance. Previously owned homes on the market rose to 2.3 million, a 6 percent increase. This represents a 5.3 month supply at current sales rates, better than last month's 5.5 month reading.Shares in the Homebuilders ETF (NYSE: XHB) are higher by 1.45 percent at 30.42