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Existing home sales fall 3.2%

housing+pricesBy Eric Morath | The Wall Street Journal

Sales of previously owned homes slipped for the second straight month in October, the latest sign that higher interest rates are cooling the housing recovery.

Existing-home sales declined 3.2% in October to a seasonally adjusted annual rate of 5.12 million, the National Association of Realtors said Wednesday. The results marked the slowest sales pace since June.

Sales of previously owned homes have eased since reaching a recent peak in July, reflecting higher interest rates as the Federal Reserve considers reining in its bond-buying program.

Rates for a 30-year fixed-rate mortgage jumped in June and stayed near 4.5% through mid-September, according to Freddie Mac.

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