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The National Association of Realtors released existing homes sales figures in the U.S. on Monday. Sales of existing homes declined 3.7% to a seasonally adjusted annual rate of 5.36 million in October from 5.55 in September.
Analysts had expected a decrease to 5.40 million units.
"New and existing-home supply has struggled to improve so far this fall, leading to few choices for buyers and no easement of the ongoing affordability concerns still prevalent in some markets. Furthermore, the mixed signals of slowing economic growth and volatility in the financial markets slightly tempered demand and contributed to the decreasing pace of sales," the NAR chief economist Lawrence Yun said.
Sales to first-time buyers rose to 31% in October from 29% in September.
"As long as solid job creation continues, a gradual easing of credit standards even with moderately higher mortgage rates should support steady demand and sales continuing to rise above a year ago," Yun said.
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