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NAR: October existing-home sales cool but low inventory drives prices

Nov 20, 2013
Existing-home sales declined for the second consecutive month in October, while constrained inventory means home prices continue to see double-digit year-over-year gains, according to the National Association of REALTORS (NAR).

Total existing-home sales, which include single-family townhomes, condominiums and co-ops, fell 3.2 percent to a seasonally adjusted annual rate of 5.12 million in October. October closings were 6 percent higher than the 4.83 million-unit pace of October 2012.

In the Northeast, existing-home sales declined 2.9 percent to an annual rate of 670,000 in October, but are 11.7 percent higher than year-ago levels. 

To read the entire NAR press release, click here.
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