NAR reports October home sales and home prices fell

Existing home sales fell 2.2% in October to a 4.43 MM annual unit rate. Most of the indications in this report are weak including low to mid-single digit declines across regions and for both single-family homes and condos. Supply on the market is very heavy at 10.5 months. The median price fell for a fourth straight month, down six tenths to $170K. The average price, likely reflecting firmness at the top-end of the market, edged two tenths higher to $218K.

The National Association of Realtors, which compiles the report, warns that qualified buyers are being rejected because of overly stringent credit standards. The NAR also says that mortgage documentation problems are not a significant factor for the market. The NAR's 2011 outlook calls for flat results for both sales and price.

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