Industry News

October home sales plummet, inventory soars

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The U.S. sales rate for previously owned homes fell for the eighth consecutive month in October, the National Association of Realtors reported today, while inventory levels climbed for the ninth consecutive month. For-sale inventory of previously owned single-family homes reached a supply of 10.5 months in October, the highest level since July 1985. The months' supply statistic is a measure of the time it would take to sell the total inventory of for-sale homes at that month's sales rate. The supply of for-sale condominiums and cooperatives reached 13.1 months in October, bringing the total supply for all resale homes to 10.8 months -- up 45.9 percent compared to October 2006. Home prices tumbled, too, in October. The median resale home price dropped 5.1 percent in October compared to the same month last year, falling to $207,800, and the average price dropped 3.4 percent to $255,500. For single-family resale homes, the median price sank 6.3 percent in October compared to Oc...