Existing Homes Sales Fall 2.2% - ITB Falls Similar Amount
By Market News Video Staff, Tuesday, November 23, 12:34 PM ET
Existing homes sales declined 2.2% in October, according to National Association of Realtors data, to a seasonally adjusted annualized rate of 4.43 million units sold. Sales had increased 10% in September. Existing home sales were down 25.9% compared to last year. The national median existing home price was $170,500 in October, down about 1% compared to last year.
Any slowdown in home sales is bad news for the real estate market overall. The iShares Dow Jones U.S. Home Construction Index Fund (AMEX:ITB) is trading lower by about 2% today. Top holdings in the fund include NVR (NYSE:NVR) at 9.22% of the portfolio, followed by D.R. Horton (NYSE:DHI) at 7.89%, and Lennar (NYSE:LEN), at 7.37%.
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