WASHINGTON – Sales of existing homes fell 3.1% in October, and were 1.6% below data for October 2007, the National Association of Realtors reported today.
There were 4.98 million existing homes sold in September, compared with 5.14 million in September and 5.06 million in October 2007.
"Many potential home buyers appear to have withdrawn from the market due to the stock market collapse and deteriorating economic conditions," National Association of Realtors Chief Economist Lawrence Yun said in a statement.
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The median price for an existing home was $183,300, compared with $191,600 in September and $206,700 in October 2007.
The average rate for a 30-year fixed-rate mortgage was 6.20% in October, compared with 6.04% in September and 6.38% in October 2007.
In October, existing home sales fell in all regions based on month-to-month measures.
The declines from September to October ranged from 1.2% in the Northeast to 6% in the West.
Compared with October 2007, existing home sales decreased in the Northeast, Midwest and South but increased in the West.
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