US homes sales suffer record fall
Sales of previously owned homes in the US hit their lowest level since 1999 and single family homes suffered the biggest price drop on record in October.
Home sales dropped 1.2 per cent, more than forecast, to an annual rate of 4.97m, from 5.03m in September, the National Association of Realtors said. Sales were down 20.7 per cent from a year earlier. The level of sales hit its lowest since the NAR started tracking single-family and condominium sales in 1999. Single-family home prices fell 6.3 per cent from a year earlier, the worst performance recorded since the data begin in 1969.
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