The housing market has finally broken out of the stagnant holding pattern it’s been stuck in for more than four years – just not in the right direction.
Existing home sales in October fell to 3.75 million, making an 8.8% decline in sales from a year earlier, according to the National Association of Realtors. The last time sales were this low was 16 years ago.
“It was a punch in the gut,” said Joel Berner, senior economist at Realtor.com. “We expected to see a soft month but not the softest month since 2010.”
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