Existing Home Sales Fall 6.1% to 4.93M Rate in November

WASHINGTON — Existing home sales fell 6.1% to a seasonally adjusted 4.93 million-unit rate in November from a revised 5.25 million pace the previous month, the National Association of Realtors announced Monday.

The October rate was originally reported as a 5.26 million pace.

The November rate represents a 2.1% increase from the same month a year ago, and was weaker than the median 5.20 million unit pace predicted by economists polled by Thompson Reuters.

NAR chief economist Lawrence Yun said the November rate was the weakest sales level since May. He called the decline "somewhat of a puzzle" and expects it will be a "one-month aberration."

Sales in November fell from the previous month in all four regions. They fell 4.2% in the Northeast, 8.9% in the Midwest, 3.2% in the South, and 9.6% in the West.

The median sales price was $205,300 in November, a 5.0% increase from a year ago.

Inventory levels fell 6.7% from the previous month to 2.09 million existing homes, representing a 5.1-month supply at the current pace. Inventory was up 2.0% from the November 2013 level.

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