· Sales through October were up 11.0% versus last December. During the first ten months of 2002 sales were up 5.3% versus 2001. 

· Home sales rose in each of the country's regions. 

· The median price of an existing home rose 1.1% to $159,600 (9.8% y/y). The median price in September was revised down.

· The figures reflect closings of past home sales.

· The average rate on a conventional 30-year mortgage rose slightly last month versus September to 6.11%. Rates averaged 6.97% during all of last year. The decline this year in mortgage rates has combined with strong growth in disposable income to offset higher home prices and thus raise home affordability.

Oct

Sept

Y/Y

2001

2000

1999

· In the European Union, industrial production rose through the summer capped by a strong 1.5% August gain in Germany, but German leading indicators have fallen moderately in each of the last four months. EU leaders also have fallen in each of the last four months.

· In the UK, production already has started to move lower, down in three of the four months ended September (-0.7% YTD). Leaders have fallen in the last two months.

· Production in France has moved sideways since some respectable monthly gains early this year. Leading indicators in France have fallen in each of the last four months.

· Trends in Japan have been firm relative to Europe. Production in Japan fell moderately in September but has gained 5.1% YTD. Leading indicators have been moving steadily higher since last Fall with a modest decline only this past September

· The OECD Economic Outlook (Preliminary Edition) for November 2002 can be found by clicking here.