US home sales drop 1.9 percent

0 Comments | AFP, October, 2006

WASHINGTON (AFP) — US existing home sales fell last month for the sixth month running, owing to caution among buyers with prices still in decline, realtors have said. The National Association of Realtors (NAR) said Wednesday September sales slowed by 1.9 percent to a seasonally adjusted 6.18 million units.

Most economists had anticipated sales to drop by less, to 6.25 million units. Sales fell from the 6.30 million unit pace recorded in August and were also down 14.2 percent from September 2005. The latest NAR report was released hours before the Federal Reserve was due to announce its latest judgment on US interest rates, with most analysts expecting the Fed to keep its headline rate pegged at 5.25 percent. The median price for all housing types was 220,000 dollars in...