Resales Fall From Record Pace

Existing-home sales fell 4.9% in October but remained above the 6 million mark for the fourth consecutive month.The National Association of Realtors reported that resales fell from a record seasonally adjusted annual rate of 6.68 million in September to 6.35 million in October. NAR chief economist David Lereah said the housing sector remains "very healthy," but that sales may have peaked and there may be a "modest dropoff in housing activity." Nevertheless, he said he expects existing-home sales to remain at about the 6 million rate in November and December. And the sales total for 2003 will be above 6 million, exceeding last year's record of 5.56 million. The NAR can be found on the Internet at http://realtor.org.