US existing home sales decline more than expected in October
Sales of existing US homes fell more than expected in October, data from the National Association of Realtors showed on Monday.
According to the National Association of Realtors, existing home sales declined 3.4% month-on-month to a seasonally-adjusted annual rate of 5.36m, compared with consensus for a 2.7% decline to 5.40m.
However, despite the decline, home sales remained 3.9% higher year-on-year, while median home prices rose 5.8% over the past 12 months to $219,600.
Single family sales dropped by 3.7% over the month to an annual rate of 4.75m, while purchases of multifamily properties – which include townhouses and condominiums – fell 1.6% month-on-month.