From the AP via Yahoo News:
Sales of existing homes fell for a sixth straight month in September and the median sales price dropped on an annual basis by the largest amount on record, further documenting a lukewarm housing market.
The National Association of Realtors reported that sales of previously owned homes fell by 1.9 percent in September to a seasonally adjusted sales pace of 6.18 million units, the slowest sales rate since January 2004.
The median price of a single-family home fell to $219,800 last month, a drop of 2.5 percent from the price in September 2005. That was the biggest year-over-year price decline in records going back nearly four decades.
Sales of previously owned homes in the U.S. fell last month to the lowest level in almost three years, prompting sellers to reduce prices.
Purchases dropped 1.9 percent from August to an annual rate of 6.3 million, the National Association of Realtors said today in Washington. The median price of an existing single-family home dropped 2.5 percent from September 2005, the biggest year- over-year decline since record-keeping began in 1969.
Economists expected sales to slip to a 6.23 million rate, according to the median of 65 forecasts in a Bloomberg News survey. Estimates ranged from 6 million to 6.36 million.
Compared with a year earlier, sales were down 14.2 percent, the Realtors group said. Home resales have fallen every month since March.
The median sales price of single-family homes and condominiums fell to $220,000 from a year earlier. The 2.2 percent decline from a year ago followed a 2.4 percent slide in August, marking the first back-to-back monthly declines in 11 years. The number of homes for sale fell 2.4 percent from August to 3.75 million, remaining at a 7.3 months’ supply.
From the National Association of Realtors: