WASHINGTON — The sales pace for existing homes dropped in September to the lowest level since January, 1988, as the economy weakened in the aftermath of the Iraqi invasion of Kuwait, an industry survey said today.
Declines were reported in all parts of the nation except the Northeast, which posted no change. The median price for an existing home also slipped to $94,300 in September, 2.9% below August.
The South was especially hard hit as thousands of military personnel were shipped off to defend Saudi Arabia after the Aug. 2 attack on Kuwait by Iraq.
The realtors said September's overall rate was 8% below the revised August rate of 3.5 million units, and 8.3% below the rate of sales during September, 1989.