Existing-Home sales decline in October following two monthly gains, according to the National Association of Realtors®. The report shows a 2.2 percent reduction to a seasonally adjusted annual rate of 4.43 million in October sales, down from the 4.53 million reported in September. Year-to-date numbers also came in lower at 4.149 million existing-home sales which is down 2.9 percent compared to 4.272 million at this time in 2009.
According to Lawrence Yun, NAR chief economist, the recent sales pattern can be expected to continue. “The housing market is experiencing an uneven recovery, and a temporary foreclosure stoppage in some states is likely to have held back a number of completed sales. Still, sales activity is clearly off the bottom and is attempting to settle into normal sustainable levels,” he said. “Based on current and improving job market conditions, and from attractive affordability conditions, sales should steadily improve to healthier levels of above 5 million by spring of next year.”
Source: NAR Full Report 11/23/10