Existing Home Sales Drop 3.2% to 5.12M Unit Pace in October

WASHINGTON — Existing home sales fell 3.2% to a seasonally adjusted 5.12 million-unit rate in October from an unrevised 5.29 million pace the previous month, the National Association of Realtors announced Wednesday.

The October sales rate was weaker than the median estimate of economists polled by Thomson Reuters, who predicted a 5.15 million rate.

The rate is a 6.0% increase from October 2012. The sales rate has now been above the previous year's level for 28 months, NAR Chief Economist Lawrence Yun said.

Sales decreased in all regions: 2.9% in the Northeast, 1.6% in the Midwest, 1.9% in the South and 7.1% in the West.

The median sales price stood at $199,500 in October, a 0.5% increase from the previous month and a 12.8% increase from a year ago.

Housing inventory levels decreased 1.8% from the previous month to 2.13 million existing homes, representing a 5.0-month supply at the current pace. Inventory was up 0.9% from the October 2012 level

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