Existing home sales slid 3.4% to a seasonally adjusted 5.36 million-unit rate in October from an unrevised 5.55 million pace the previous month, the National Association of Realtors announced Monday.
The September rate was originally reported as up 4.7% to a 5.55 million pace.
The October rate represents a 3.9% increase from the same month a year ago, but fell short of the median 5.40 million unit pace predicted by economists polled by Thomson Reuters.
"New and existing-home supply has struggled to improve so far this fall, leading to few choices for buyers and no easement of the ongoing affordability concerns still prevalent in some markets," said NAR chief economist Lawrence Yun. "Furthermore, the mixed signals of slowing economic growth and volatility in the financial markets slightly tempered demand and contributed to the decreasing pace of sales."
Sales in September fell in three of the four regions. They were down 0.8% in the Midwest, 3.2% in the South, and 8.7% in the West. Sales were flat in the Northeast,
The median sales price was $219,600 in October, a 5.8% increase from a year ago.
Inventory levels fell 2.3% from the previous month to 2.14 million existing homes, representing a 4.8-month supply at the current pace. Inventory was down 4.5% from the October 2014 level.
