Existing home sales fell 10.5% to a seasonally adjusted 4.76 million-unit rate in November from a downwardly revised 5.32 million pace the previous month, the National Association of Realtors announced Tuesday.
The October rate was originally reported as down 3.4% to a 5.36 million pace.
The November rate represents a 3.8% decrease from the same month a year ago, and fell short of the median 5.37 million unit pace predicted by economists polled by Thomson Reuters.
"Sparse inventory and affordability issues continue to impede a large pool of buyers' ability to buy, which is holding back sales," said NAR chief economist Lawrence Yun. "However, signed contracts have remained mostly steady in recent months, and properties sold faster in November. Therefore it's highly possible the stark sales decline wasn't because of sudden, withering demand."
The 4.76 million sales pace was the slowest since 4.75 in April 2014.
Sales in November fell in all four regions. They were down 15.4% in the Midwest, 6.2% in the South, 13.9% in the West, and 9.2% in the Northeast.
The median sales price was $220,300 in November, a 6.3% increase from a year ago.
Inventory levels fell 3.3% from the previous month to 2.04 million existing homes, representing a 5.1-month supply at the current pace. Inventory was down 1.9% from the November 2014 level.
