Sales of existing homes in the U.S. fell more than expected last month,according to the National Association of Realtors. Sales of existing homes fell 3.1% to a seasonally adjusted annual rate of 4.98 million units in October, from a downwardly revised pace of 5.14 million in September.
The median sales price fell 11.3% from a year ago to US$183,000. That was the largest year-over-year drop on records going back to 1968, and the lowest median sales price since March 2004.
To help stabilize home prices, the Realtors group is calling on lawmakers and the administration of President-elect Barack Obama to spend $50 billion to subsidize lower mortgage rates, projecting that doing so would stimulate about 500,000 more home sales.
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