The US housing market continued its downward trend into October, after a spike in sales the previous month, as resales of homes and condos fell 3.1% for the October. Sales fell from a seasonally-adjusted annualized rate of 5.14 million in September to 4.98 million in October. The number was below expectations, as economists estimated sales at a rate of 5.00 million. Resales of US homes have fallen 1.6% in the past year.
Regionally, existing-home sales in the Northeast slipped 1.2 percent to an annual pace of 830,000 in October, and are 9.8 percent lower than a year ago. The median price in the Northeast was $241,700, down 9.8 percent from October 2007.
Existing-home sales in the West eased by 1.6 percent to an annual rate of 1.21 million in October but are 37.5 percent higher than October 2007. The median price in the West was $231,400, down 27.0 percent from a year ago.
In the South, existing-home sales declined 3.2 percent to an annual pace of 1.84 million in October, and are 10.2 percent below a year ago. The median price in the South was $161,100, which is 5.8 percent lower than October 2007.
Existing-home sales in the Midwest fell 6.0 percent in October to a pace of 1.10 million and remain 9.1 percent below October 2007. The median price in the Midwest was $149,400, down 6.7 percent from a year ago.
The good news: Inventories of unsold homes fell for the month, down 0.9% to 4.23 million units for sale. That represents a 10.2-month supply, well below the 11.1-month high set in June.
The bad: 45% of existing home sales were foreclosures.
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