Sales of existing homes eased nationally in October with a moderate decline in both single-family and condo sales, according to the National Association of Realtors .

Total existing-home sales – including single-family, townhomes, condominiums and co-ops – were down 2.7 percent from September’s pace. Although, sales were still 3.7 percent above the level recorded in October 2004.

David Lereah, NAR’s chief economist, said markets are getting into better balance between demand and supply. “We are returning to more balanced markets between home buyers and sellers, one that places buyers on a more even footing. Housing activity has peaked and is coming down a bit, and we expect further cooling in the coming months. We feel confident that housing is landing softly as rates continue to rise”.

The national median existing-home price for all housing types — including single-family, townhomes, condominiums and co-ops — was $218,000 in October, rising 16.6 percent from October 2004 when the median price was $187,000. Total housing inventory levels rose 3.5 percent at the end of October, which represents a 4.9-month supply at the current sales pace. “The rise in inventory means that buyers will have a wider choice available to them, and the significant price appreciation over October last year shows that demand is still there, as markets continues to balance themselves,” said NAR President Thomas M. Stevens from Vienna, Va. “Buyers know that housing is a good investment,” said Stevens, senior vice president of NRT Inc.