Sales of existing homes grew by 10.1% in October and were 23.5% higher than in October 2008, National Association of Realtors reported today.
Last month, home sales were at a seasonally adjusted annual rate of 6.10 million units, compared with September's revived figure of 5.54 million units and the 4.94 units sold in October 2008.
The association said the growth was fueled by consumers rushing to meet the deadline for the first-time homeowner tax credit, which has since been extended.
"With such a sale spike, a measurable decline should be anticipated in December and early next year before another surge in spring and early summer," National Association of Realtors' Chief Economist Lawrence Yun said in a statement.
The median price for an existing home was $173,100, down from $174,900 in September and 7.1% less than in October 2008.
In October, existing home sales increased from September's levels in the Northeast, Midwest, South and West by 11.6%, 14.4%, 12.7% and 1.6%, respectively.
Existing home sales from their October 2008 levels in the Northeast, Midwest, South and West by 27.7%, 28.8%, 25.7% and 12%, respectively.