WASHINGTON (AFP) – Sales of US homes and apartments tumbled a hefty eight percent in September extending one of the nation’s worst housing slumps in decades, an industry group said Wednesday.
The National Association of Realtors said in a monthly snapshot that sales of existing homes and apartments fell to a seasonally adjusted rate of 5.04 million properties in September from 5.48 million in August.
The drop was much worse than expected. Most economists had only expected sales to decline to around 5.25 million. August sales were revised lower from an original tally of 5.50 million.
Stripping out apartment turnover, sales dived to their lowest level since January 1998.