Existing home sales decreased 3.1% in October to a seasonally adjusted 4.98 million-unit rate, the National Association of Realtors announced yesterday.

The sales drop to 4.98 million compared to the 5.000 million-unit pace predicted by Thomson Reuters’ poll of economists and followed a revised 4.7% rise to a 5.14 million-unit level in September, originally reported as a 5.5% rise to 5.18 million units.

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