Amid weak demand, sales of previously owned single-family homes decreased 2 percent in October to a seasonally adjusted annual rate of 3.89 million from 3.97 million in September, according to the National Association of Realtors. Previously owned single-family home sales are 25.6 percent below a 5.23-million-unit surge during October 2009. Overall, previously owned home sales-including single-family homes, townhomes, condominiums and co-ops-declined 2.2 percent to a seasonally adjusted annual rate of 4.43 million in October from 4.53 million in September, and are 25.9 percent below the 5.98 million-unit level in October 2009. In October 2009, sales surged prior to the first deadline for the first-time buyer tax credit.
"The housing market is experiencing an uneven recovery," said NAR Chief Economist Lawrence Yun, "and a temporary foreclosure stoppage in some states is likely to have held back a number of completed sales. Still, sales activity is clearly off the bottom and is attempting to settle into normal sustainable levels. Based on current and improving job market conditions, and from attractive affordability conditions, sales should steadily improve to healthier levels of above 5 million by spring of next year."
