Existing Home Sales Drop Amid Rising Prices, Low Supply
Video Credit: Wochit - Duration: 00:37s - Published
Existing Home Sales Drop Amid Rising Prices, Low Supply
Ending a six-month run of spiraling demand, sales of existing homes in the US contracted in November.
It's being read as a signal that rising prices and historically low supply is finally slowing the housing market's rally.
According to Business Insider, the National Association of Realtors says home sales fell 2.5% last month to a seasonally adjusted annual rate of 6.69 million.
The median price for existing homes fell to a six-month low as well, dipping month-over-month to $310,800 from $313,100.
Even so, the pace is still up 25.8% from the year-ago period.
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