Bubble Wrap

Home sales down and inventory up in October

The New York Times reports Sales of existing homes fell in October from their second-highest level ever the month before and the inventory of houses and condominiums on the market rose to their highest level in more than two years. Anecdotal reports from real estate agents and others that homes were taking longer to sell, a fact that portends a decline in sales and prices in the coming months, economists said. The inventory increase in condominiums and co-ops, of which there was a 5.5 month supply in October, up from 5.1 months in September, has been particularly sharp in recent months.