Home sales increase 2% in October

NEW YORK (CNNMoney) — The pace of sales for previously owned homes rose in October, despite the devastation of Superstorm Sandy, in the latest sign of improvement for the long-battered housing market.

Existing home sales rose to an annual rate of 4.79 million, seasonally adjusted, the National Association of Realtors reported on Monday. That’s up 2.1% from September, when the revised annual rate of existing home sales was 4.69 million. And it’s an increase of 11% year-over-year, when the annual rate was 4.32 million.

Read more about it at CNN.com/Money

Commentary from Bob Karp of Karp Properties LLC:  The resale market for homes continues to improve nationally.  However, the Sierra Vista and Hereford area of Arizona is lagging behind.  This is normal behavior for local markets.  Our area was late to the steep declines and so our rebound will be later as well.  Our market is driven by two factors:  employment at Fort Huachuca and retirees relocating.  The good news is that as other states’ markets stabilize we can expect homeowners will be able to sell their homes and relocate.  There are great bargains here in southeast Arizona.  We can hope for market improvement during 2013.