Consumers purchased more homes in October 2014 than they did in October 2013, according to the National Association of Realtors.
The association reported sales of existing homes rose by 1.5% in October. Sales were at their highest annual pace since September 2013 and are now above year-over-year levels.
"Sales activity in October reached its highest annual pace of the year as buyers continue to be encouraged by interest rates at lows not seen since last summer, improving levels of inventory and stabilizing price growth," NAR Chief Economist Lawrence Yun said.
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