Existing-home sales falter in October

NAR: Tight credit, low appraisals holding back sales

The sales rate of existing homes fell in October, following two monthly sales increases, according to a report by the National Association of Realtors.

Closed sales of single-family homes, townhomes, condominiums and co-ops dropped to a seasonally adjusted annual rate of 4.43 million in October, down 2.2 percent from September.

That’s also a 25.9 percent drop compared to October 2009, when the seasonally adjusted annual sales rate stood at 5.98 million — sales received a lift at that time due to the approaching Dec. 1, 2009, deadline of a federal first-time homebuyer tax credit program.