Slashed Prices Spur October Home Sales

Existing-home sales picked up slightly in October after home sellers slashed prices to create the largest year-over-year drop in median sale price in 40 years.

The National Association of Realtors says that sales of pre-owned homes increased last month by 0.5 percent.

The existing-homes sales report released this morning shows that Americans were buying homes at a seasonally adjusted annual pace of 6.24 million during October.

This is slightly more than the consensus estimate of economists (6.20 million), but the growth came at a price.

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