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Existing Home Sales Edge Down, Inventory Flat

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November 20, 2013 AT 10:55 AM
U.S. home resales fell in October to their lowest since June due to an inventory shortage and high property prices that have dampened buying power. The National Association of Realtors said that sales of previously owned homes fell 3.2 percent last month to an annual rate of 5.12 million units. 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.