Existing home sales drop 1.2%

Sales of existing homes fell in October pushing supply of homes to the highest level since 1985.
NOV 28, 2007
By  Bloomberg
Sales of existing homes fell in October pushing supply of homes to the highest level since 1985, according to a report by the National Association of Realtors. Home sales fell 1.2% to a seasonally adjusted pace of 4.97 million home. Home sales are down 20.7% from the 6.27 million unit pace recorded in October 2006. The inventory of unsold homes increased 1.9% to 4.45 million, representing a 10.8 month supply, according to the Washington-based real estate industry trade group. The national median existing home price for all housing fell 5.1% to $207,800 in October, down from a reading of $218,900 in October 2006. Regionally, sales were unchanged in the Northeast and the South, while falling 1.7% in the Midwest and 4.4% in the West. The report was released one day after the Standard & Poor's /Case-Shiller Home Price Indices, a gauge of home prices across the country, recorded that the price of existing U.S. homes fell 4.5% in the third quarter compared to the same period in 2006 (InvestmentNews, Nov. 27).

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