October existing home sales fall by 3.1 percent

[Amerigo Vespucci]

Source: Earthlink News

WASHINGTON - A real estate trade group says sales of existing homes fell more than expected last month, as economic fears caused consumers to put their home purchases on hold.

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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