The inventory of existing homes for sale slipped 0.9 percent to 4.23 million from 4.27 million in September. The median national home price declined 11.3 percent from a year ago to $183,300, the lowest since March 2004, the NAR said.
However, the percentage drop in prices was the biggest since the NAR started keeping records in 1968. Distressed sales are accounting for about 45 percent of existing home sales.
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