Existing home sales down nationally

Sales of previously owned homes fell by 2.7 percent nationally in October as the housing market continues to signal that the boom of the past five years is ringing more hollow these days.

The National Association of Realtors reported Monday that sales of existing homes and condominiums declined by 2.7 percent last month to a seasonally adjusted annual rate of 7.09 million units. The decline would have been an even larger 3.2 percent without a spurt in sales in areas where people displaced by the Gulf Coast hurricanes have moved.

Even with the decline in sales, the median price of an existing home sold last month rose by 16.6 percent to $218,000 compared to the median -- or midpoint -- price in October 2004.