Home Resales Fall 3.1% in October

Washington, DC, Nov. 24, 2008--Resales of single-family homes and condos fell 3.1% in October to a seasonally adjusted annual rate of 4.98 million, the National Association of Realtors reported Monday.

Resales have sunk 1.6% in the past year. Economists expected sales to fall to 5.0 million.

The inventory of unsold homes on the market fell 0.9% to 4.23 million, a 10.2 month supply at the current sales pace.

The median sales prices fell 11.3% in the past year to $183,300. This is the lowest sales price since March 2004. Some of the areas hardest hit by the downturn are starting to see renewed activity, said Lawrence Yun, the chief economist at the NAR.

Prices have fallen so far in these areas- primarily Florida and California, that buyers now sense bargains.