Sept existing US home sales fall 6th straight month

Created by : Francis Goodwin View profile

  Oct. 25, 2006 -- WASHINGTON (Reuters) -- The pace of existing home sales fell for the sixth straight month in September, hitting a 6.18 million-unit annual rate, according to a report from the National Association of Realtors Wednesday that was a sharper drop than economists expected.

  Year over year, U.S. home prices fell 2.2 percent to $220,000.

  The inventory of homes for sale was down 2.4 percent to 3.75 million units -- a 7.3-month supply. It was the second consecutive drop in inventory.

  Analysts had expected home resales to slow to a 6.23 million-unit pace from the 6.30 million-unit rate in July.

  The September sales figure was the lowest since January 2004.

LINK: Reuters

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