Existing Home Sales Fall After Two Months of Gains

Sales of previously owned homes fell 2.2 percent in October, according to a report from The National Association of Realtors. Existing home sales, which include single-family, townhomes, condominiums, and co-ops, declined after two months of increases, putting them 25.9 percent below last year’s level when sales were elevated by the home buyer tax credit. Lawrence Yun, NAR’s chief economist, said sales activity, though affected by temporary foreclosure stoppage in some states, is clearly off the bottom and attempting to settle into sustainable levels. The national median existing-home price for all housing types was $170,500, down just 0.9 percent from October 2009. More here and here.

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