(Nov. 23) Existing-home sales surged 10.1% in October to a seasonally adjusted annual rate of 6.10 million, according to a report released today by the National Association of Realtors (NAR).

The figure is 23.5% above the 4.94 million pace from October of last year.

The NAR's chief economist warned that what goes up might very well come down. "With such a sales spike, a measurable decline should be anticipated in December and early next year before another surge in spring and early summer," said Lawrence Yun.

The NAR also reported the national median existing-home price for all housing types fell 7.1% in October to $173,100.

The other side of the sales equation is inventory, which fell 3.7% to 3.57 million existing homes available for sale. That figure represents a 7.0-month supply at the current sales pace, down from an 8.0-month supply reported last month and the lowest level since February 2007, when there was also a 7.0-month supply.

"The supply of homes on the market is now at the lowest level in over two-and-a-half years," said Yun. "We're getting closer to a general balance between buyers and sellers."

The regional breakdown of October existing-home sales looks like this:
• Northeast sales rose 11.6% to a pace of 1.06 million, up 27.7% from a year ago;
• Midwest sales rose 14.4% to a pace of 1.43 million, up 28.8% from a year ago;
• South sales rose 12.7% to a pace of 2.30 million, up 25.7% from a year ago; and
• West sales rose 1.6% to a pace of 1.31 million, up 12.0% from a year ago.

Before Monday's sales report, the NAR issued its 2010 forecast, which showed 5.69 million existing-home sales, an anticipated rise of 13.6% over 2009.