Home sales dip 2.2 percent in October
WASHINGTON — Sales of previously owned homes slipped slightly in October as the housing market continues to battle tough economic conditions including high unemployment and tight credit.
The National Association of Realtors said that sales of previously owned homes dipped 2.2 percent last month to a seasonally adjusted annual rate of 4.43 million units. The performance was weaker than had been expected. Economists at JPMorgan Chase had forecast that sales would rise in October to an annual rate of 4.60 million units.
The median price for a home sold in October was $170,500, down 0.9 percent from a year ago, as prices continue to be depressed by weak sales conditions.
Sales plunged to the slowest pace in 15 years in July, then posted gains in August and September before slipping back in October.
