By Keat Foong, Executive EditorWashington, D.C.—The severity of the financial crisis may have done its part in scaring off homebuyers in October. Sales of existing condominiums and cooperatives fell 1.8 percent in October, according to the National Association of Realtors (NAR). Total existing home sales, including single-family homes, fell 3.1 percent to a seasonally adjusted rate of 4.98 million units in October, down 1.6 percent from October 2007. The New York Times reported that home values as a result fell at their fastest annual rate since NAR records began in 1968. “Many potential home buyers appear to have withdrawn from the market due to the stock market collapse and deteriorating economic conditions,” said Lawrence Yun, NAR chief economist, who called for a housing stimulus. Last month, 550,000 existing condo and co-op units were sold, compared to 560,000 units a month ago. This number is 12.0 percent lower than the 625,000 sales pace a year ago. The median existing condo price was $193,000 in October, lower by 13.0 percent compared to the same month a year ago, NAR reports.
Condo & Co-op Sales Fall Less than Total Home Sales in October
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