Sales of existing homes in the United States showed improvement in October, according to the National Association of Realtors. However, trends varied significantly by region.

The annual rate for existing home sales—including single-family homes, condominiums, co-ops, and townhomes—was 5.46 million. This marked a 1.9 percent increase from September and a year-over-year bump of 4.6 percent.

The trend of rising home prices showed no sign of slowing down, with October marking the 92nd consecutive month of year-over-year gains. The national median price for an existing home sold during the month was $270,900, up 6.2 percent from October 2018.

Single-family homes were selling at an annual rate of 4.87 million, up 2.1 percent from the previous month and 5.4 percent from the previous year. The median price for this type of property increased 6.2 percent from October 2018 to $273,600.

Condominium and co-op sales held steady at an annual rate of 590,000, which was down 1.7 percent from the previous year. The median price for these properties was $248,500, a year-over-year increase of 5.6 percent.

Lawrence Yun, chief economist at the National Association of Realtors, said he was encouraged by the increase in home sales and expects it to continue in the near future. While buyers continue to face challenges in finding an affordable home, Yun said other trends are favoring those looking to enter the housing market.

"Historically low interest rates, continuing job expansion, higher weekly earnings, and low mortgage rates are undoubtedly contributing to these higher numbers," said Yun. "We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory."

According to Freddie Mac, the average commitment rate for a 30-year fixed rate mortgage in October was 3.69 percent. While this inched up from 3.61 percent in September, it was down considerably from the 2018 average of 4.54 percent.

There were 1.77 million homes listed for sale at the end of October. This supply was down 2.7 percent from September, but up 4.3 percent from the previous year.

"The issuance of more housing permits is a very positive sign and a good step toward more inventory," said Yun. "In order to better counter and even slow the increase in housing prices, home builders will have to bring additional homes on the market."

"It's great to see home sales rise along with an increase in housing permits," said Vince Malta, president of the National Association of Realtors. "Both home buyers and the home sellers are being rewarded by these developments, and we see that conditions remain extremely favorable for real estate investment in America."

Forty-six percent of homes sold during October had been listed for less than a month. The average property had been on the market for 36 days, on par with the previous year but four days slower than in September.

The share of first-time buyers stood at 31 percent in October. This was unchanged from the previous year and down from 33 percent in the previous month.

Nineteen percent of the month's sales were to buyers paying in cash, up from 17 percent in September but down from 23 percent in October 2018. Individual investors and those purchasing second homes, who often account for many all-cash sales, made up 14 percent of the month's sales – unchanged from the previous month and down from 15 percent in the previous year.

Distressed sales, including foreclosures and short sales, continued to make up a small share of transactions. They accounted for 2 percent of October's sales, equal to the share in September and down from 3 percent in October 2018.

In the Northeast, the annual rate of 690,000 existing home sales was unchanged from the previous year and down 1.4 percent from September. The median home price in the region grew 5.7 percent from October 2018 to $296,700.

The South had the strongest increase in sales, with its annual rate of 2.35 million marking a gain of 4.4 percent from September and 7.8 percent from October 2018. The median home price in the region increased 6 percent to $234,900.

Sales in the West fell 0.9 percent to an annual rate of 1.13 million, although this pace was still 3.7 percent above that in October 2018. The median home price in the region increased 7.8 percent to $410,700.

In the Midwest, the annual sales rate was up 1.6 percent from the previous month and 2.4 percent from the previous year to 1.29 million. The median home price in the region was $209,900, a year-over-year increase of 6.7 percent.