Existing Home Sales Decline in October

Washington, DC, Nov. 20, 2013 -- House resales fell 3.2% in October to a seasonally adjusted annual rate of 5.12 million, according to the National Association of Realtors.

The figure represented aa second month of declines, as rising mortgage rates and prices cut affordability. Nevertheless, it was up 6% from a year ago.

October's rate was the slowest pace in four months. NAR said the government shutdown also delayed some transactions in October.

The median sales price of used homes hit $199,500 in October, up 12.8% from the year-earlier period.

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