Southern States See Sharpest Drop in Home Sales

MIAMI (AP) -- Existing home sales in Southern states fell more than 10 percent in October compared to the same month a year ago, while the median sales price dropped nearly 6 percent to $161,000, the National Association of Realtors reported Monday.
The slower sales pace in the South is likely the result of reticence on the part of potential homebuyers who are watching the roiled stock market and slowing economy.