Steel Markets
November 23, 2015
Existing Home Sales Slip in October
Written by Sandy Williams
Existing home sales fell 3.4 percent to a seasonally adjusted annual rate of 5.36 million in October, according to the National Association of Realtors. The decline followed a spurt in sales to a rate of 5.55 million in September. Home sales were up 3.9 percent on a year over year basis and are expected to finish the year at a strong annual rate.
“New and existing-home supply has struggled to improve so far this fall, leading to few choices for buyers and no easement of the ongoing affordability concerns still prevalent in some markets,” said Lawrence Yun, NAR chief economist. “Furthermore, the mixed signals of slowing economic growth and volatility in the financial markets slightly tempered demand and contributed to the decreasing pace of sales.”
