Resales Fall for 6th Straight Month

Sales of existing homes fell 1.9% in September, the sixth straight monthly decline, while home prices fell for the second consecutive month.The National Association of Realtors reported that September sales of previously owned homes fell from a seasonally adjusted annual rate of 6.30 million in August to 6.18 million in September -- down 14.2% from the level recorded in September 2005. The NAR reported that sales of single-family homes fell 1.6% in September and condominium/cooperative sales fell 3.2%. The medium price of a single-family home is off 2.5% since September of last year, and condo/co-op prices are off 2.8% from a year ago. Meanwhile, the inventory of unsold homes was unchanged at a 7.3-month supply. However, the inventory of unsold single-family homes fell by 1.4% to a 7.1-month supply, while the inventory of condo/co-ops rose 2.4% to an 8.6-month supply. The NAR can be found online at http://www.realtor.org.