Nov. 28, 2007 ― Existing Home Sales Fall To All-Time Low
The NAR said today sales dropped to an annual rate of 4.97
million despite a drop in median home prices of 5 percent, also the biggest
decline on record, compared with October 2006 prices.
The number of
homes for sale at the end of the month rose 1.9 percent to 4.45 million. At the
current sales pace, that represented 10.8 months’ supply, compared with 10.4
months in September.