WASHINGTON — Existing home sales fell 4.3% to a seasonally adjusted 4.90 million-unit rate in November from an unrevised 5.12 million pace the previous month, the National Association of Realtors announced Thursday.
The November sales rate was weaker than the median estimate of economists polled by Thomson Reuters, who predicted a 5.03 million rate.
The rate is a 1.2% decrease from November 2012. The sales rate was below the previous year's level for the first time in 29 months, NAR Chief Economist Lawrence Yun said.
Sales decreased in in all regions in the month: 3.0% in the Northeast, 4.1% in the Midwest, 2.4% in the South and 8.5% in the West.
The median sales price stood at $196,300 in November, a 0.6% decrease from the previous month and a 9.4% increase from a year ago.
Housing inventory levels decreased 1% from the previous month to 2.09 million existing homes, representing a 5.1-month supply at the current pace. Inventory was up 5% from the November 2012 level.