Sales of existing homes -- including single-family residences, townhouses and co-ops --fell to a seasonally adjusted annual rate of 6.18 million units in September, a decline of 1.9% from August's rate of 6.30 million units, the Chicago-based National Association of Realtors (NAR) reported on Oct. 25.
September's sales rate was 14.2% below the September 2005 rate of 7.20 million units, the third highest month on record.
"Considering that existing-home sales are based on closed transactions, this is a lagging [economic] indicator, and the worst is behind us as far as a market correction -- this is likely the trough for sales," said David Lereah, NAR's chief economist.
