(CercleFinance.com) – Home resales fell more than expected in October in the United States, show figures published Tuesday by the National Association of Realtors (NAR).
Existing home sales fell 4.1% to 3.79 million seasonally adjusted units last month, compared with economists’ expectations of around 3.90 million.
They fell in three of the four main regions of the country (Northeast, South and West), but remained unchanged in the Midwest, specifies the NAR.
Over one year, housing resales fell by 14.6%.
At the current rate of sales, it would take 3.6 months to sell off the stock of unsold homes.
The median housing price increased by 3.4% to reach $391,800, marking a fourth consecutive month of monthly growth.
According to Lawrence Yun, the chief economist of the NAR, the owner of a home in the United States thus benefits from a favorable price effect of more than 100,000 dollars on the price of his property over the last three years.
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