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Home sales dip 2.2 percent in October

Home sales dip 2.2 percent in October

POSTED: Tuesday, November 23, 2010 - 11:00am

UPDATED: Tuesday, November 23, 2010 - 12:00pm

WASHINGTON (AP) - 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 says that sales of
previously owned homes dipped 2.2 percent last month to a
seasonally adjusted annual rate of 4.43 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 and a huge overhang of unsold homes.

Sales had plunged to the slowest pace in 15 years in July and
then posted gains in August and September before slipping back in
October. Sales in October were 38.9 percent below their peak of
7.25 million units set in September 2005 during the height of the
housing boom.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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And I hope they stay down till I can buy one!

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