U.S. existing-home sales fell 5.5% in October from September to a seasonally adjusted annual rate of 3.75 million, below the 3.85 million market forecast and the revised September rate of 3.97 million. The decline was the largest since January and marked the lowest level since August 2010, extending a prolonged period of weak housing activity. The National Association of Realtors released the figures on November 12. The median price for an existing home rose 0.4% from a year earlier to $416,700, although an earlier account had put the October median at $421,900. Inventory totaled 1.59 million homes, representing 5.1 months of supply. Mortgage rates above 7% and elevated prices continued to weigh on buyers, while sales fell in the South, Midwest and West and were unchanged in the Northeast. First-time buyers accounted for 29% of purchases, and cash transactions also represented 29%.