Existing home sales fell 3.1 per cent in the US in October, according to data released by the National Association of Realtors on Monday.
Economists polled by Dow Jones were expecting a decline to about 5.03m during the month, compared with the 4.98m actually reported.
The September sales rate was revised lower, to 5.14m from 5.18m, while the average inventory of unsold homes on the market rose to 10.2 months from 10 months in September.
“Many potential home buyers appear to have withdrawn from the market due to the stock market collapse and deteriorating economic conditions,” NAR economist Lawrence Yun said.
Median home prices also declined, falling 11.3 per cent to a four-year low.
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