From the NAR: Existing-Home Sales Decline in Economic Uncertainty Existing-home sales – including single-family, townhomes, condominiums and co-ops – fell 8.6 percent to a seasonally adjusted annual rate of 4.49 million units in November from a downwardly revised level of 4.91 million in October, and are 10.6 percent below the 5.02 million-unit pace in November 2007.
Sales of existing homes nosedived in November. said home sales are on track for their best year since the expansion began. The NAR said November’s sales plunge is mostly due to the industry.
Existing home sales in the U.S. are expected to decline slightly to an annual pace of 5.25 million units in tomorrow’s update for November, according to The Capital Spectator’s median point forecast.
NAR said existing home sales plummeted by 6.4 percent to an annual rate of 4.99 million in December after jumping by 2.1 percent to a revised rate of 5.33 million in November. Economists had.
· Sales of existing homes plunged 10.5% in November, a worrying sign for a sector of the economy that had seemed to be steadying throughout the year. Home resales ran at a seasonally-adjusted annual.
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US home sales increased in November for the second straight month, but sales plummeted 7 percent from a year ago. But higher mortgage rates have caused sales over the past 12 months to plunge.
NAR said existing home sales plummeted by 6.4 percent to an annual rate of 4.99 million in December after jumping by 2.1 percent to a revised rate of 5.33 million in November. Economists had expected existing home sales to slump by 1.3 percent to a rate of 5.25 million from the 5.32 million originally reported for the previous month.
Sales of existing homes rose. 6.49 million pace in November 2009, when the incentive was originally due to expire. The subsequent extension of the credit prompted a rebound in sales for two months.
The Existing-Home sales data measures sales and prices of existing single-family homes for the nation overall, and gives breakdowns for the West, Midwest, South, and Northeast regions of the country. These figures include condos and co-ops, in addition to single-family homes.