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Home sales fall in October

Sales of existing home fell in October but remain at a healthy level, the National Association of Realtors (NAR) reported on Monday.  

Sales fell 3.4 percent from a strong September to a seasonally adjusted annual pace of 5.36 million, NAR said. That pace remains 3.9 percent above the level one year earlier, the trade group said.

Lawrence Yun, NAR’s chief economist, said the pullback was expected because contract signings have declined over the past couple of months. He said the supply of new and existing homes has not improved much this year, giving buyers fewer choices. He also said the economy has given off “mixed signals” and financial markets have been volatile.

He noted, however, that some signs in the economy do bode well for home sales.

"As long as solid job creation continues, a gradual easing of credit standards even with moderately higher mortgage rates should support steady demand and sales continuing to rise above a year ago,” Yun said in a news release.

Sales remained unchanged in the Northeast from September's pace, and fell in the other three regions, NAR said. 


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