Existing home sales fell more than expected in October.
According to the National Association of Realtors (NAR), sales of existing condos, co-ops, single-family homes, and town homes fell 3.4% at an annual rate of 5.36 million in October.
In the release, the NAR's Lawrence Yun said that buyers had limited choice, given the fact that new- and existing-home-sale supply "struggled to improve" in the fall. He said that this, and affordability issues in some markets, contributed to the pullback.
The pattern of low inventory and few buyers is "like déjà vu all over again" as it compares to the past several years, according to Stephen Phillips, president of Berkshire Hathaway Homeservices.
Total housing inventory fell 2.3% to 2.14 million existing homes. The supply of existing homes was 4.5% lower at the end of October, compared to the same period a year ago.
According to Bloomberg, economists had forecast that existing sales dropped 2.7% in October at an annual rate of 5.40 million.
Economists had noted that after a 4.7% increase at an annual rate of 5.55 million in September, a pullback was likely.
The median existing home price was $219,600 at the end of October.
The release also noted that foreclosures and short sales fell 6% in October, the lowest since the NAR started tracking the data in October 2008.
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