October existing home sales fall by 3.1 percent
The National Association of Realtors said Monday that sales of existing homes fell 3.1 percent to a seasonally adjusted annual rate of 4.98 million in October, from a downwardly revised pace of 5.14 million in September.
Sales had been expected to fall to a rate of 5.05 million units. according to economists surveyed by Thomson Reuters.
The median sales price plunged 11.3 percent from a year ago to $183,000. That was the largest year-over-year drop on records going back to 1968 and the lowest median sales price since March 2004.
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