US existing home sales fall 3.2 pct. in October | Armonk NY Homes

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The National Association of Realtors reported that home re-sales fell 3.2 percent last month from September to a seasonally adjusted annual pace of 5.12 million. That's down from a 5.29 million pace in September and the slowest since June. A healthy pace is around 5.5 million.

Sales of single family homes declined 4.1 percent, while condominium sales rose 3.3 percent.
The median sales price of an existing home was $199,500 in October, up 12.8 percent from a year earlier and the 11th straight month of double-digit annual increases.

The 16-day partial government shutdown pinched home sales last month by creating uncertainty about the economy and slowing loan approvals: 13 percent of real-estate agents reported that transactions had been delayed.

"The uncertainty created by the government shutdown and debt ceiling battle in October left Americans more worried about the economy than they have been all year," Ellen Haberle, economist at online real estate-broker Redfin, said. "It is no surprise that many buyers put their home-buying plans on hold that month."

Mortgage rates have also risen from historic lows, making homes less affordable. The average rate on a 30-year, fixed rate mortgage rose last week to 4.35 percent, a full percentage point above the 3.35 percent reached in early May.




http://finance.yahoo.com/news/us-existing-home-sales-fall-3-2-pct-150145866--finance.html


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