Home resales dropped last month, and prices fell by the most on record, signaling a deepening recession in the housing market.

Purchases of existing homes declined 3.1% from September and 1.6% from with a year earlier, to an annual rate of 4.98 million units, the National Association of Realtors said Monday. The median price fell 11.3% from a year earlier — the largest decrease since the trade group started keeping records in 1968 — to $183,300.

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