Economics
U.S. Existing-Home Sales Decline for First Time in Six Months
- Prices surge while inventory plunges to record low in NAR data
- Sales skewed toward pricier homes in sign of divided economy
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Sales of previously owned U.S. homes fell in November for the first time in six months, suggesting that surging prices and a record-low supply are constraining red-hot demand.
Contract closings decreased 2.5% from the prior month’s almost 15-year high to an annualized 6.69 million rate, according to National Association of Realtors data released Tuesday. That was up 25.8% from a year earlier and compared with economists’ forecasts for 6.7 million.