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According to data analyzed in the latest Macro Data Flash reports from NAFCU's research team, existing-home sales went up by 1.5 percent in October, while the Consumer Price Index remained at 1.7 percent, where it was in September.

NAFCU Staff Economist Doug Christman said low interest rates, a healthy labor market, steady home prices and improved inventory levels all contributed to the increase in existing home sales. "Investors have slowed their pace of purchases as the number of distressed homes in the market declined," Christman said. "Existing home sales have picked up from a weak first quarter in 2014 and the overall sales pace is expected to improve in 2015 as the labor market continues to improve and incomes rise."

The median existing-home price decreased from $209,100 in September to $208,300 in October, not seasonally adjusted – up from $197,500 a year before. Sales increased in three out of four regions, with the Midwest seeing the most growth at 5.1 percent, and the West decreasing by 5 percent.

NAFCU Chief Economist and Director of Research Curt Long said a decline in energy prices was offset by an increase in other indexes, causing overall inflation to remain unchanged in October. He noted that rent, medical care, airline fares and new vehicle costs all went up. "With inflation running below the Federal Reserve's target, policymakers will not feel undue pressure to increase interest rates," Long said.

Core prices, excluding food and energy costs, went up by 0.2 percent in October. Energy prices decreased by 1.9 percent and food prices went up by 0.1 percent.