Economic Buzz: US existing home sales down 5.5% in October

Existing home sales in the United States decreased by 5.5% in October on a monthly basis to reach a seasonally adjusted annual rate of 3.75 million, the National Association of Realtors (NAR) announced in a report on Thursday. Viewed annually, the sales were 8.8% lower.

The median existing-home sales price for all housing types in the reported month climbed 0.4% from last year to $416,700. The total housing inventory stood at 1.59 million units, up 1.3% from September and 4.6% from October last year.

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