Sales of existing homes fall 3% in September

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Sales of existing homes fall 3% in September (by Steve Goldstein)

WASHINGTON (MarketWatch) - Sales of existing homes fell 3% in September, reflecting continued tough times in the housing market as well as newly imposed tougher loan limits, a trade group said Thursday. The National Association of Realtors said sales fell to a seasonally adjusted annual rate of 4.91 million, pretty much in line with the 4.9 million consensus. August data was revised higher to 5.06 million from an initially reported 5.03 million. The impact of tougher jumbo loan limits was seen in the West, where sales dropped 8.8%, according to Lawrence Yun, chief economist of the NAR. The median price of homes dropped 3.5% from year-ago levels to $165,400. Inventories declined 2% to 3.48 million units, representing 8.5 months of supply at current sales rates.

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