Economists polled by Reuters were expecting home resales to set a 5.00 million-unit pace. -- PHOTO: REUTERS
WASHINGTON - THE pace of sales of existing homes in the United States fell 3.1 per cent in October to a 4.98 million-unit annual rate, while the median home price dropped to its lowest in more than four years, a National Association of Realtors report showed on Monday.
Economists polled by Reuters were expecting home resales to set a 5.00 million-unit pace. September's figure was revised downwards to 5.14 million from 5.18 million.
The inventory of existing homes for sale slipped 0.9 per cent to 4.23 million from 4.27 million in September. The median national home price declined 11.3 percent from a year ago to US$183,300, the lowest since March 2004 when a median price of US$183,200 was recorded. The percentage drop was the biggest since the NAR started keeping records in 1968. -- THOMSON REUTERS
