News Summary: US home sales rise 2.1 pct. in Oct.

News Summary: US home sales rise to 4.79 million in October; inventories drop to 10-year low

Associated Press

SALES RISE: U.S. sales of previously occupied homes rose moderately in October, helped by improvement in the job market and record-low mortgage rates. Sales rose 2.1 percent in October to a seasonally adjusted annual rate of 4.79 million according to the National Association of Realtors.

INVENTORIES: A decline in housing inventory is helping push prices higher. There were only 2.14 million homes available for sale at the end of the month, the lowest in 10 years.

GAINS LIKELY TO CONTINUE: As the economy slowly recovers, more people have started looking to buy homes or rent apartments. Mortgage rates are at record lows and rents are rising. That makes buying a home more attractive.

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