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Pending Homes Sales Fall

The National Association of Realtors announced that pending home sales in October fell again at a seasonally adjusted annual rate of 1.7% to 107.2 from September’s 109.1. That is also 13.2% below the level it was one year previously.

However, the chief economist for the NAR, David Lereah cautions not read too much into the numbers. Mr. Lereah said, “It’s important to focus on where the housing market is now — it appears to be stabilizing, and comparisons with an unsustainable boom mask the fact that home sales remain historically high — they’ll stay that way through 2007.”

Regional breakdown (in October from September):

  • 2.1% decline in the Northeast
  • 0.6% decline in the Midwest
  • 2.7% decline in the West
  • 1.7% decline in the South

    • This entry was posted on Tuesday, December 5th, 2006 at 9:47 am and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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