Sales of existing single-family homes decreased 0.1 percent in October to a seasonally adjusted annual rate of 6.75 million units from 6.76 million units in September, NAR reported on Tuesday. Despite the slight decline, this pace was the fourth highest on record and 5.6 percent above the 6.39 million-unit pace in October 2003.
Home resale activity in the West declined 3.6 percent from September to an annual rate of 1.86 million units in October, but was 9.4 percent above October 2003. Existing-home sales also fell in the Northeast and Midwest, with sales declining 1.3 percent in the Northeast and 2.8 percent in the Midwest. The South was the only region to experience an increase in existing-home sales, which increased 3.7 percent in October to an annual rate of 2.77 million units.