Existing-Home Sales Dip Fractionally In October

Sales of existing homes slipped 0.1% in October from September to a seasonally adjusted annual rate of 6.75 million units, marking the fourth highest pace on record, according to the National Association of Realtors (NAR), Washington, D.C. Last month's activity was 5.6% above the pace in the same period a year ago. "The ongoing stimulus of lower-than-expected mortgage interest rates was the primary driver of strong home sales in October," says David Lereah, NAR's chief economist. "Of course, all of the other market fundamentals remain sound, so we should only see a modest decline from record home sales this year if mortgage interest rates gradually rise."