Existing home sales fell more than expected to an annualized pace of 4.98 million units in October, a 3.1% decline over the month, following September's downwardly revised sales pace of 5.14 million units, according to the National Association of Realtors (NAR).

Economists were expecting October's sales pace to fall to 5.00 million units.

The national median existing home price fell substantially to $183,300 in October, down from the September figure of $191,400 and marking an 11.3% year-over-year decline.

Total housing inventories rose to a 10.2-month supply in October, down from the upwardly revised 10.0-month overhang recorded in September.

Single-family unit sales - which account for four-fifths of all sales - fell 3.3% to a pace of 4.43 million, down from a rate of 4.58 million in the previous month.

By Patrick McGee and edited by Sarah Sussman
©CEP News Ltd. 2008