Existing Home Sales Jump 10.1%

Existing homes sales jumped in October to the highest level since February 2007, the National Association of Realtors said Monday.

Sales increased 10.1% to an annual rate of 6.1 million homes, the group said in its monthly report.

Economists had forecast home resales would rise to an annual rate of 5.7 million from a 5.4 million pace in September, Bloomberg reported.

Median prices for existing homes fell to $173,100, down 7.1% from a year earlier, Bloomberg said.