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November 20, 2013 AT 10:40 AM
U.S. home resales fell in October due to an inventory shortage and high property prices that have dampened buying power and are expected to drag on the housing market recovery. The National Association of Realtors said on Wednesday that sales of previously owned homes fell 3.2 percent last month to an annual rate of 5.12 million units. At the same time, the median price rose 12.8 percent in October from a year ago to $199,500. It was the 11th straight month of double-digit gains, and up from last month. The pace of annual sales growth decelerated to 6 percent in October, as tight credit conditions and high borrowing costs are impacting the housing market recovery. Sales in coming months are also expected to be hampered by a lack of inventory on the market and a government shutdown that has halted some final property transactions.