The National Association of Realtors reported today that in October, existing homes sales for both single-family and condos declined moderately.

Single-family, townhomes, condominiums and co-ops, which represent "total existing home sales," were down 2.7% to a seasonally adjusted annual rate of 7.09 million units. September's total existing home sales rate was 7.29 million units. Overall housing remains strong in comparison to the previous year, with sales for October 2005 coming in 3.7% above the October 2004 level of 6.84 million units.

"The accelerated trend in existing home sales that began in 2002 remains intact despite fluctuations in interest rates," says Bob Walters, Chief Economist of Loans, the nation's largest online mortgage lender. "Overall interest rates have been favorable toward housing for several years, and a positive employment outlook coupled with strong consumer sentiment continues to drive the industry's robust performance."

Publish Date: 11/28/2005