Existing Home Sales Decline in September
Washington, DC, Oct. 20, 2011 -- Existing home sales fell 3% in September, according to the National Association of Realtors.
NAR said sales fell to a seasonally adjusted annual rate of 4.91 million, in line with expectations.
August data was revised higher to 5.06 million from an initially reported 5.03 million.
The impact of more restrictive jumbo loan terms was seen in the West, where sales dropped 8.8%, according to Lawrence Yun, NAR chief economist.
The median price of homes dropped 3.5% from year-ago levels to $165,400.