Existing-Home Sales Fall Again

Sales of existing homes fell for a second straight month in October even though mortgage rates declined slightly during the month, a real estate trade group reported today.

The National Assn. of Realtors said existing single-family homes were sold at a seasonally adjusted annual rate of 3.63 million units last month. The 1.1% October decline followed a similar 1.1% September drop. Sales had been up 2.2% in August after falling 4.5% in July. “The summer rush is over, and despite the window of opportunity afforded by low mortgage interest rates in October, the surge of home sales we saw earlier this year has run its course,” said John Tuccillo, the association’s chief economist.