In October, US existing home sales rose by 1.4% M/M to a total level of 4.97 million, while the consensus was looking for a second straight decline. The breakdown shows that strength was based on single family homes (1.6% M/M), while sales of existing condo’s stabilized in October. Regional details show that sales rose in the West (4.4% M/M), Midwest (2.8% M/M) and South (2.1% M/M), while existing home sales fell in the Northeast (by 5.1% M/M). The number of existing homes for sale dropped by 2.2% M/M to a total number of 3.330 million and months’ supply fell from 8.3 to 8.0. Both median and average prices fell in October. While there are recently some signs of life in the US housing market, confirmation of the improvement is needed. The inventory of houses for sale is slowly declining, but it remains exceptionally high.