Existing home sales slow down

Following a couple of months of gains, sales of existing homes retreated again in October, an industry report said Tuesday.

The National Association of Realtors reported that the number of homes sold fell 2.2% from September to an annual rate of 4.43 million. The rate was down 25.9% from 12 months earlier.

The report came in just about at expectations. A consensus of experts surveyed by Briefing.com had forecast an annualized sales rate of 4.42 million.

"The housing market is experiencing an uneven recovery," said Lawrence Yun, NAR's chief economist. "Still, sales activity is clearly off the bottom and is attempting to settle into normal sustainable levels."

Read Full Article from CNNMoney

- Posted: 2010-11-23 10:15:30

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