Things Are Changing In Real Estate

Sales of existing homes fell 0.2% to 5.75 million units in the year, the lowest since November 2002, said the National Association of Realtors (NAR). It marks the first time that the US's main estate agent body had reported a decline in 12 consecutive months. Read on in this BBC News article. According to CNNMoney.com senior writer Chris Isidore "Not only did sales slip but the number of homes for sale jumped 5.1 percent, the group said, meaning there is now a 9.6-month supply of homes for sale, up from 9.1-months in the June reading. It was the biggest supply of homes by that measure since October 1991."