The National Association of Realtors reported on Tuesday that existing-home sales dropped off in November to an annual rate of about 4 point 76 million, the slowest pace in 19 months.
November’s decline represented a 10 point 5 percent drop from October’s downwardly revised total of 5 point 32 million, and the sales pace for November was the lowest since it was reported at 4 point 75 million in April 2014. November’s pace is now 3 point 8 percent lower than November 2014, marking the first time the existing- home annual sales pace declined year-over-year since September 2014.
Home prices are still climbing higher, even though the season change has caused things to slow down quite a bit in the housing market. The Federal Housing Finance Agency reported Tuesday in their House Price Index that home prices in the U.S. increased 0 point 5 percent from September to October on a seasonally adjusted basis.