In October sales of previously owned homes dropped slightly as the housing market continues to push through tough economic conditions that include tight credit and high unemployment.
Sales of previously owned homes dipped 2.2 percent last month to a seasonally adjusted annual rate of 4.43 million units according to a report released by the National Association of Realtors.
Down 0.9 percent from a year ago the median price for a home sold in October was $170,500.
October sales were 38.9 percent below their peak of 7.25 million units set in September 2005 which was during the height of the housing boom. Sales dropped to their slowest pace in 15 years back in July and then posted gains in August and September before dropping back again in October.