Existing home sales increased in October, hitting their highest pace since earlier this summer, however, sales are still down year-over-year, according to the latest report from the National Association of Realtors.

Total existing home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 2% to a seasonally adjusted annual rate of 5.48 million in October. This is down from a downwardly revised 5.37 million in September, according to housingwire.com

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The median existing home price for all housing types in October increased 5.5% from last year’s $234,100 to $247,000 in October this year. This marks the 68th straight month of year-over-year gains.This increase marks the strongest pace of sales since June’s 5.51 million, however, it is still down 0.9% from last year, marking the second consecutive month of annual declines.

Total housing industry continues to decline, falling 3.2% to 1.8 million homes available for sale in October. This is down a full 10.4% from last year’s 2.01 million homes, and marks the 29th consecutive month of annual declines. Unsold inventory now rests at a 3.9-month supply at the current sales pace.

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