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Home Sales Rose 2.1 Percent in October

Posted at: 11/19/2012 10:47 AM

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WASHINGTON (AP) - U.S. sales of previously occupied homes rose solidly in October, helped by improvement in the job market and cheap mortgages.

The National Association of Realtors says sales rose 2.1 percent to a seasonally adjusted annual rate of 4.79 million. That's up from 4.69 million in September, which was revised lower.

The sales pace is roughly 11 percent higher than a year ago. But it remains below the more than 5.5 million that economists consider consistent with a healthy market.

Superstorm Sandy delayed some sales in the Northeast, the Realtors' group said. Sales fell 1.7 percent, the only region to show a decline. Most of the drop was due to the storm, but those sales will likely be completed in future months, the group said.

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