Real Estate

Home sales tumbled in November

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November existing home sales fall — 10th consecutive monthly drop

Sales of existing homes fell 7.7% in November compared with October, according to the National Association of Realtors.

The seasonally adjusted annualized pace was 4.09 million units. That is weaker than the 4.17 million units housing analysts had predicted, and it was a much deeper fall than usual monthly declines.

Sales were down 35.4% year over year, marking the tenth straight month of declines. That was the weakest pace since November 2010, with the exception of May 2020, when sales fell sharply, albeit briefly, during the early days of the Covid pandemic. In November 2010, the nation was mired in the great recession as well as a foreclosure crisis.

These counts are based on closings,…



Source cnbc.com

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