Industry News

Existing-home sales, prices slide

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The rate of existing-home sales fell for the sixth straight month in September and the median existing-home price dropped 2.2 percent in September compared to September 2005, the National Association of Realtors trade group reported today. The seasonally adjusted annual rate of home sales fell to 6.18 million in September, which was 1.9 percent lower than the August rate and 14.2 percent below the September 2005 rate. The September 2005 rate was the third-strongest month on record. The seasonally adjusted annual rate is a projection of a single month's sales total over a 12-month period, adjusted for seasonal fluctuations in sales activity. Total housing inventory levels fell 2.4 percent from the end of August to the end of September. An estimated 3.75 million existing homes were available for sale at the end of September, which represents a 7.3-month supply at the current sales pace. The inventory of existing homes grew 35.1 percent in September compared to September 2005, while the...