Existing Home Sales Fall Again

Wednesday November 28, 6:15 pm ET
By Martin Crutsinger, AP Economics Writer Existing Home Sales Fall for Eighth Straight Month in October

WASHINGTON (AP) -- Hit by a severe credit crunch, existing home sales fell for the eighth straight month with median home prices dropping by a record amount.

The National Association of Realtors reported Wednesday that sales of existing homes dropped by 1.2 percent last month to a seasonally adjusted annual rate of 4.97 million units. That represented the slowest sales pace on record going back to 1999 and was 20.7 percent below activity a year ago.