November 29, 2006
Home Prices Tumble in October
Home Prices Tumble in October
According to the National Association of Realtors, the pace of existing home sales unexpectedly rose in October to a 6.24 million-unit annual rate as a record drop in prices tempted buyers.
The median home price declined 3.5 percent from October 2005, marking the third straight month in which prices fell and the largest year-on-year decline since records began in 1968.
Sales volume rose for the first since February but the inventory of homes for sale was also up, rising 1.9 percent to 3.85 million units.
Analysts had expected home resales to slow to a 6.15 million-unit pace from the 6.18 million-unit rate in September.
