New and existing home sales fall again in November
WASHINGTON -- Sales of existing homes plunged 8.6% in November to a seasonally adjusted annual rate of 4.49 million, from a revised 4.91 million rate in October, according to the National Association of Realtors.
It was the slowest pace in nearly 18 years.
The national median existing-home price for all housing types was $181,300 in November, down 13.2% from November 2007, when the median was $208,800, the NAR said.
The inventory of existing homes for sale rose 0.1% to 4.203 million from 4.198 million in October. That translates into 11.2 months of supply, matching the record set in April.
A second report said sales of new single-family homes also fell in November, to the weakest levels since 1991, according to the Commerce Department.
The seasonally adjusted annual sales pace of 407,000 new homes was down 2.9% from October and was the lowest rate since January, 1991.
Economists polled by Reuters had forecast sales would hit a 420,000 rate. October's sales were revised down to a 419,000 rate from a previously reported 433,000.
The median sale price of a new home — half sold for more, half for less — rose to $220,400 from $214,600 in October. The median is down 11.5% from a year ago, biggest year-over-year price decline since a 12.7% fall in March.
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