Pursuits
Sales of Existing U.S. Homes Slump on Delayed Contract Closings
- Purchases drop to slowest annualized pace since April 2014
- Industry rule change lengthened time it took buyers to close
What Are the Takeaways from Nov. U.S. Home Data?
This article is for subscribers only.
Sales of previously owned homes slumped in November to the lowest level since April of last year as a change in industry rules lengthened the amount of time it took buyers to close on a deal.
Closings on existing homes, which usually take place a month or two after a contract is signed, declined 10.5 percent to a 4.76 million annual rate after a revised 5.32 million pace in October, the National Association of Realtors said Tuesday. November sales were weaker than the most pessimistic forecast in a Bloomberg survey.