US Previously Owned Home Sales Weaken Further as High Rates Take Toll
- Contract closings slide 7.7%, biggest drop since February
- One-family home sales decline to lowest level in 12 years
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Sales of previously owned US homes fell for a 10th-straight month in November, extending a record decline as high mortgage rates continue to stifle affordability.
Contract closings decreased 7.7%, the most since February, to an annualized pace of 4.09 million last month, according to data from the National Association of Realtors on Wednesday. The pace of purchases, the second-weakest since 2010, was below the median projection of 4.2 million in a Bloomberg survey of economists.