Existing home sales in October declined on the local, state and national levels.
Jim Letizia reports.
The National Association of Realtors says existing home sales in the U.S. fell 3.4 percent last month to a seasonally adjusted annual rate of 5.36 million. The Ohio Association of Realtors says statewide sales fell by 2.7 percent from September. And the Columbus Realtors trade association says existing home sales in its multi-county region fell by 3.3 percent. Industry analysts say the October figures suggest the beginning of a backlash after the strong sales gains that have been seen for much of the year, which sparked price increases that have outpaced wage growth and left some people out of the market. Those gains were the result of strong job growth and low mortgage rates. The median sale price of an existing U.S. Home was nearly 220 thousand dollars in October, up 5.8 percent from the same month last year. The median sale price in central Ohio was 155 thousand dollars, up 3.3 percent.