Sales of previously owned homes got an unexpected boost last month while the number of homes on the market continued to decline, according to data just released by the National Association of Realtors. NAR recorded a 1.4 percent month-over-month increase in existing-home sales in October. At the same time, housing inventory fell 2.2 percent to 3.33 million existing homes available for sale, which represents an 8.0-month supply. Distressed homes made up 28 percent of October’s transactions.
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