Reginal Thomas
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Home Sales Fell In October


Home sales in the U.S. fell in October to the lowest since June because of an inventory shortage and high property prices that have decreased buying power. Earlier today the National Association of Realtors said sales of previously owned homes fell 3.2% last month to an annual rate of 5.12 units. During the same time the median price rose 12.8% in October to $199,500. In October there were 2.13 million homes for sale. Sales growth dropped to 6% during the time period, while stricter credit rules and higher borrowing costs slow down the housing market's recovery.