U.S. Existing-Home Sales Rise for First Time in Seven Months

Sales of previously owned U.S. homes rose in October for the first time in seven months, suggesting demand is stabilizing at a lower level as available properties become less scarce.

Contract closings increased from the prior month to an annual rate of 5.22 million, the National Association of Realtors said Wednesday. That compared with economists’ projections for sales of 5.2 million. The median sales price rose 3.8 percent from a year earlier, while the inventory of available homes expanded 2.8 percent, the third straight increase.