Single-family existing-home sales were stable in October, while existing condo sales were down, according to the National Association of Realtors (NAR).
Total existing-home sales, which include single-family, townhomes, condominiums and co-ops, were at 4.97 million units in October, down 1.2 percent from 5.03 million in September, and were down 20.7 percent from 6.27 million from September 2006.
Single-family home sales were unchanged from September, holding at a steady annual rate of 4.37 million in October, but are 20.8 percent below the 5.52 million-unit level in October of last year.
Existing condominium and co-op sales fell 9.1 percent from September’s 660,000 units down to 600,000 in October. Sales were down 20.2 percent below the 752,000-unit pace set in October 2006.
According to the NAR, the temporary mortgage problems peaked in August, while many October sales were being negotiated.