U.S. Home Sales Fall 8% to 8-year Low in September

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U.S. Home Sales Fall 8% to 8-year Low in September

By Rex Nutting

RISMEDIA, Oct. 24, 2007-(MarketWatch)-Sales of existing homes and condos fell 8% in September to the lowest level in at least eight years, further evidence that the credit squeeze in mortgage markets is hurting home sales, the National Association of Realtors reported Wednesday.

Sales of existing homes and condos fell to a seasonally adjusted annual rate of 5.04 million, the lowest since 1999, when the real estate group began tracking combined single-family and condo sales.

Inventories of unsold homes and condos rose to a 10.5-month supply, the largest in at least eight years. For single-family homes alone, sales fell 8.6% in September to a seasonally adjusted annual rate of 4.38 million, the lowest sales pace since January 1998.

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Categories: Real Estate