BUSINESS MEMO: HOME SALES STILL STRONG

WASHINGTON -- Sales of previously owned homes slipped 2.9 percent in September but continued to drive toward a new annual record.

The National Association of Realtors said Friday that sales of existing single-family homes totaled a seasonally adjusted 4.02 million annual rate, down from 4.14 million in August.

Sales topped the 4 million mark for the seventh consecutive month.

"The market is a very healthy market and we expect sales to remain firm through the remainder of the year," Realtors President Art Godi said.

Thirty-year, fixed-rate mortgages averaged 8.23 percent in September, up from 8 percent in August but below July's average of 8.25 percent. They averaged just 7.86 percent this week.

The median price of an existing home was $117,700 in September, down from $122,300 in August but above the $114,800 a year earlier. The median is the midpoint, meaning half of the homes cost more and half cost less.