Having rebounded 3.2 percent in September, the seasonally adjusted pace of existing-home sales in the U.S. ticked up another 2.0 percent in October to an annual rate of 5.60 million sales, which is 5.9 percent higher versus the same time last year.

At the same time, the median resale price for the existing homes that traded hands ($232,200) slipped a percent ($2,000) from the month before but remains 6.0 percent higher versus the same time last year ($219,100), while the inventory of unsold homes on the market slipped 0.5 percent to 2.02 million homes and is running 4.3 percent lower on a year-over-year basis as opposed to 38 percent higher in San Francisco.

In the West, the pace of existing-home sales inched up 0.8 percent from September to October and is running 10.4 percent higher versus the same time last year.

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