November 24, 2008
Existing Home Sales Off 3.1% In October
By Matthew L. Brown
Sales of existing homes fell 3.1 percent nationwide between September and October, according to the National Association of Realtors.
The association said the drop is the result of "consumer hesitation" in the face of a worsening economy.
Fear over the economy has outweighed home affordability and low interest rates, the association said.
There were 4.23 million homes for sale in October, a more-than 10-month supply at current sale prices. The association reported a 10-month supply in September.
The October national median price for existing homes of all types was $206,700, the association said.
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