October existing home sales rose 1.4% m/m to an annualzed 4.96 million units, which was much stronger than the 4.8 milllion units expected by consensus. Sales are up 13.5% from the 4.38 million units seen in October 2010. Most regions saw gains, with only the Northeast reporting a 5.1% decline over September. The Northeast was up just 1.4% over last October. Thle other regions saw a double-digit year-over-year sales gains, with the Midwest reporting the largest 19.6% y/y gain. The months’ supply of inventory of unsold homes fell to 8.0 months in October from 8.3 months the month before, though still higher than the 5.5 to 6 month average. The median home price fell to $162,500 in October from $165,800 the month before, and is down 4.7% over prices seen last October. Though the report was better than expected, it will likely do little to offset the negative vibe in markets left by the Super Committee’s failure to reach a deal. 

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