Home sales fall 1.7 percent in September

The National Association of Realtors' most recent Existing Home Sales Report shows a decline of 1.7 percent in sales since August. Home sales still rose above 11 percent the level a year ago.

Today, the National Association of Realtors (NAR) released their Existing Home Sales Report for September showing a decline in sales with total home sales falling 1.7% since August but still rising 11% above the level seen in September 2011. 

Single family home sales also declined dropping 1.9% from August but still rising 10.8% above the level seen in September 2011 while the median selling price declined slightly on the month but increased 11.4% above the level seen a year earlier. 

Inventory of single family homes declined 4.2% from August dropping 18.1% below the level seen in September 2011 which, along with the sales pace, resulted in a fairly balanced monthly supply of 5.8 months.