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MNI: US Oct Existing Home Sales Drop Not As Bad As Expected

(MNI) WASHINGTON

Sales slowed for a ninth straight month to a 4.43 million seasonally adjusted annual rate, the NAR said.

U.S. existing home sales fell again by 5.9% from September to a seasonally adjusted annual rate of 4.43 million in October, the lowest level since December 2011 in the midst of the foreclosure crisis, the National Association of Realtors said Friday. From a year ago, sales have dropped by 28.4% as mortgage rates climbed close to 7%. Wall Street analysts had expected a larger slowdown to a 4.38 million SAAR pace.

The median home sales price was USD379,100 in October, 6.6% higher than a year ago but down about 10% -- more than usual -- from the seasonal peak seen around June every year, NAR chief economist Lawrence Yun told reporters. Surprisingly, many homes are still receiving multiple offers due to tight inventory, Yun said, noting a quarter of homes received offers over the asking price.

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U.S. existing home sales fell again by 5.9% from September to a seasonally adjusted annual rate of 4.43 million in October, the lowest level since December 2011 in the midst of the foreclosure crisis, the National Association of Realtors said Friday. From a year ago, sales have dropped by 28.4% as mortgage rates climbed close to 7%. Wall Street analysts had expected a larger slowdown to a 4.38 million SAAR pace.

The median home sales price was USD379,100 in October, 6.6% higher than a year ago but down about 10% -- more than usual -- from the seasonal peak seen around June every year, NAR chief economist Lawrence Yun told reporters. Surprisingly, many homes are still receiving multiple offers due to tight inventory, Yun said, noting a quarter of homes received offers over the asking price.