Existing home sales fall for eighth month
Existing home sales fall for eighth month
Median U.S. home price dropped by record amount in October
The Associated Press
updated 10:05 a.m. ET, Wed., Nov. 28, 2007
WASHINGTON - Sales of existing homes fell for the eighth consecutive month in October, with median home prices falling by a record amount. Analysts blamed the worsening housing slump on the serious credit crunch that hit in August.
The National Association of Realtors reported that sales of existing single-family homes and condominiums dropped by 1.2 percent last month to a seasonally adjusted annual rate of 4.97 million units.
The median price of a home sold last month declined to $207,800, a drop of 5.1 percent from a year ago, the biggest year-over-year price decline on record.
Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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