October sales decline in existing home is more than expected as economic conditions keep buyers out of the market.
By Ben Rooney, CNNMoney.com staff writer
NEW YORK (CNNMoney.com) — Sales of existing homes fell in October, after a sharp increase in the previous month, as potential buyers remain sidelined by the weak economy.
The National Association of Realtors reported Monday that sales by homeowners slid in October to an annual pace of 4.98 million. That was down 3.1% from September’s revised reading of 5.14 million.
Economists surveyed by Briefing.com were expecting sales to have declined 2.5% to an annual rate of 5.05 million in October.
On a year-over-year basis, sales were down 1.6%.
The national median existing-home price in October was $183,300, down 11.3% from a year ago when the median was $206,700.
“Many potential home buyers appear to have withdrawn from the market due to the stock market collapse and deteriorating economic conditions,” said Lawrence Yun, NAR chief economist.