Sales of existing single-family homes rose a surprising 6.1% in October, and house prices rose an astonishing 9.8% on an annualized basis -- the biggest jump since 1987.The National Association of Realtors reported that single-family resales rose from 5.27 million in September to a seasonally adjusted annual rate of 5.77 million in October. As a result, resales in 2002 are going to "shatter the record" of 5.3 million set in 2001, NAR chief economist David Lereah told reporters. "It is clear the housing markets remain robust," Dr. Lereah said. "This is a very healthy market." He also told MortgageWire that resales of upper-end homes ($500,000 and up) were "healthy" in October -- contrary to a lot of anecdotal evidence.
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