Total existing-home sales, which
are completed transactions that include single-family, townhomes,
condominiums and co-ops, rose 1.4 percent to a seasonally adjusted
annual rate of 4.97 million in October from a downwardly revised 4.90
million in September, and are 13.5 percent above the 4.38 million unit
level in October 2010.
Contract failures are
cancellations caused by declined mortgage applications, failures in loan
underwriting from appraised values coming in below the negotiated
price, or other problems including home inspections and employment
losses. "Other recent factors include disruption in the National Flood
Insurance Program, and lower loan limits for conventional mortgages,
which paradoxically force some of the most creditworthy consumers to pay
unnecessarily higher interest rates," Yun said.
Single-family home sales increased
1.6 percent to a seasonally adjusted annual rate of 4.38 million in
October from 4.31 million in September, and are 13.8 percent higher than
the 3.85 million-unit pace one year ago. The median existing
single-family home price was $161,600 in October, which is 5.8 percent
below October 2010.