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Sales of Existing Homes Slipped

Sales of previously owned homes fell 4.1 percent in October from one month earlier, according to new numbers from the National Association of Realtors. The decline came amid rising mortgage rates, low for-sale inventory, and seasonal trends which typically slow sales after the hot summer market begins to cool. But while home sales were slower in October, Lawrence Yun, NAR's chief economist, says conditions may improve in the months ahead. “Fortunately, mortgage rates have fallen for the third straight week, stirring up buying interest,” Yun said. “Though limited now, expect housing inventory to improve after this winter and heading into the spring. More inventory will result in more home sales.” It'll also help slow down competition and fast sales. In October, the vast majority of homes still sold in less than a month, with the typical property only remaining on the market for 23 days.

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