Existing-home sales in the U.S. declined in October after showing gains August and September according to the National Association of Realtors.
Existing-home sales - completed transactions that include single-family, townhomes, condominiums, and co-ops - declined 2.2% to a seasonally adjusted annual rate of 4.43 million in October from 4.53 million in September. Sales were 25.9% below the 5.98 million-unit level in October 2009, when sales were increasing rapidly prior to the initial deadline for the first-time buyer tax credit.
Year-to-date there were 4.149 million existing-home sales, down 2.9% from 4.272 million at this time in 2009.
Lawrence Yun, NAR chief economist, said the temporary foreclosure stoppage in some states likely held back a number of completed sales. He said that 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.”
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