WASHINGTON — Home resales rose more slowly than economists expected in November, expanding 5.6% to a seasonally adjusted 4.68 million rate, the National Association of Realtors reported Wednesday.
Economists expected 4.71 million sales for the month, according to the median estimate for existing home sales. October sales were 4.43 million.
Median home prices rose in November for the first time since August, climbing 0.1% from October and 0.4% from a year ago to $170,600. That compares with a median price of $170,400 in October.
Lawrence Yun, NAR’s chief economist, said home prices will continue to decline in 2011 if sales do not reach the 5.2 million monthly sales threshold.
