Sales of, and prices for, existing homes fell more than expected in October according to the latest report by the National Association of Realtors.

Sales by homeowners slipped 3.1 percent to an annual pace of 4.98 million – much lower than the 5.05 million pace expected by economists.

Year-over-year, sales were down 1.6 percent.

Additionally, the national median price was down 11.3 percent from last year to $183,300.

Contributing to the drop in prices were a dramatic number of REO, short, and other so-called “distressed” sales, which accounted for about 45% of all sales in October.

Though, if such sales now account for nearly half of all home sales, it would be hard to declare them as distressed. Rather, they’re the norm.

In the south, home sales decreased 3.2 percent in October, and were 10.2 percent below last year. Additionally, the median price of a home in the south was $161,000, which is 5.8 percent lower than October 2007.

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