November Existing Home Sales Plunge

Existing Home Sales occurs when the mortgage is closed. Mortgage closing usually takes place 30-60 days after the sales contract is closed. . 2009-12-23 In November, the median sales prices for a new home was $217,400, a modest decline from $221,600 in November, 2008.

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The National Association of Realtors said Wednesday that sales of existing homes rose 1.9 percent to a seasonally adjusted annual rate of 5.32 million last month. But higher mortgage rates have caused sales over the past 12 months to plunge at the steepest pace since May 2011, when the real estate sector was still in the grips of the housing bust.

Economists polled by Reuters had forecast existing home sales falling 0.6 percent to a rate of 5.20 million units in November. But in November, existing home sales, which make up about 90 percent of U.

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From the nar: existing-home sales Decline in Economic Uncertainty Existing-home sales – including single-family, townhomes, condominiums and co-ops – fell 8.6 percent to a seasonally adjusted annual rate of 4.49 million units in November from a downwardly revised level of 4.91 million in October, and are 10.6 percent below the 5.02 million-unit pace in November 2007.

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 · WASHINGTON (AP) – U.S. home sales increased in November for the second straight month, but sales plummeted 7 percent from a year ago amid growing affordability pressures. The National Association of Realtors said Wednesday that sales of existing homes rose 1.9 percent to a seasonally adjusted annual rate of 5.32 million last month. But higher mortgage rates have caused sales.

(The median price for an existing home was $220,300 in November, up 6.3% from the same month last year, while housing inventories at the end of November fell 3.3% from October to 2.04 million.

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Existing-home sales for November rose 4% to a seasonally adjusted annual rate of 4.42 million units from 4.25 million in October, according to the National Association of Realtors. The reported figure.

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The annual gain was exaggerated by a one- off plunge in sales during November 2015 that the NAR had blamed on new federal mortgages rules delaying closings. Prices continued to rise in November as inventory continued to fall. At the current sales pace, it would take just 4.0 months to exhaust the supply of existing homes on the market.