WASHINGTON — Existing homes sales fell 2.2% in October to a seasonally adjusted 4.43 million, the National Association of Realtors reported Tuesday.
Sales in September were unchanged at 4.53 million.
Economists expected 4.500 million sales for the month, according to the median estimate from Thomson Reuters.
The median home sale price fell to $170,500, down 0.9% from a year ago and 0.6% from September.
Lawrence Yun, NAR’s chief economist, said home values “will be a little lower” in winter months.
He said the Federal Reserve’s quantitative easing measures will “not be that meaningful in changing mortgage rates.”
For now, it’s “all about credit availability” for buyers, Yun said.
The supply of existing homes for sale dropped to 10.5 months, down from 10.6 months in September.
