US home sales hit fresh lows, unsold properties flood market

Sales of US homes and apartments tumbled a hefty 8.0 percent in September extending one of the nation's worst housing slumps in decades, an industry group said Wednesday. The National Association of Realtors (NAR) said in a monthly snapshot that sales of existing homes and apartments fell to a seasonally adjusted rate of 5.04 million units in September from 5.48 million in August. The drop was worse than expected. Most economists had only expected sales to decline to around 5.25 million. August sales were revised lower from an original tally of 5.50 million homes. Stripping out apartment turnover, sales dived to their lowest level since January 1998.

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