US home sales fell in November for the 10th straight month

LOS ANGELES – Sales of previously occupied US homes fell for the 10th straight month in November, held back by a tight inventory of housing in the market and mortgage rates that averaged more than double what they were a year ago.

Existing home sales fell 7.7% last month from October to a seasonally adjusted annualized rate of 4.09 million, the National Association of Realtors said on Wednesday. That’s less than economists expected, according to FactSet.

Sales plummeted 35.4% from November last year. Aside from the sharp slowdown in sales that occurred in May 2020 at the start of the pandemic, sales are now at their slowest annual pace since October 2010, when the housing market went into a deep slump following the foreclosure crisis of the late 2000s.

Despite the slowdown, home prices continued to rise in November, albeit at a much lower rate than just a few months ago. The nationwide median home selling price rose 3.5% year over year to $370,700 in November.

The stock of houses on the market fell for the fourth straight month. By the end of November, around 1.14 million apartments were on the market. That equates to 3.3 months of supply at the current sales pace.

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Sarah Y. Kim

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