Existing Home Sales Drop to Lowest Level Since March

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ales of existing homes fell 2.7% in October to the lowest level since March, the National Association of Realtors said Monday.

The decline to a 7.09 million annual rate from 7.29 million in September was greater than economists’ forecasts of a 1.1% decline, Bloomberg reported.

June’s 7.35 million rate earlier this year was a record.

Sales fell in all four national regions, NAR said, dropping 7.4% in the Northeast, 1.9% in the Midwest, 1.8% in the South and 1.64 million in the West, the group said.

Existing home sales account for 85% of the residential real estate market in the United States. When a home is sold, trucks are usually used to transport household appliances and furniture.