US existing homes sales pace is up 10 per cent to two-year high

SALES numbers for previously owned homes in the US jumped more than 10 per cent in October to reach the highest rate since February 2007.<br /><br />The National Association of Realtors (NAR) said sales surged 10.1 per cent month-on-month to an annual rate of 6.1m sales, up from 5.54m in September.<br /><br />Analysts said the boom was partly created by the $8,000 (&pound;4,800) first-time buyer tax credit, which has now been extended to next April.<br /><br />The national median home price fell 7.1 per cent from October last year, the smallest decline in over a year, to $173,100. <br /><br />The housing market is slowly mending after a three-year decline, which contributed to tipping the US economy into its worst recession in seven decades.