Existing home sales up slightly

WASHINGTON, Nov. 21 (UPI) -- Existing U.S. home sales rose slightly in October while unsold inventories continued to decline, the National Association of Realtors said

The group said sales of single-family homes, townhomes, condominiums and co-ops rose 1.4 percent to a seasonally adjusted annual rate of 4.97 million in the month. Inventories, meanwhile, fell 2.2 percent to 3.33 million existing homes available for sale, the trade group said.

The supply of homes on the market represented an 8-month supply at current market conditions.

NAR Chief Economist Lawrence Yun said contract failures in the month were high, climbing to 33 percent in October from 18 percent in September. A year ago signed purchase offers that failed to make it to a closing stood at 8 percent in October.

"We should be seeing stronger sales," Yun said.

For October, the national median price for all housing types was $162,500, down 4.7 percent from October 2010.