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Sales Of Existing Homes Slowest In Almost A Year

Sales of existing homes in November fell to the slowest pace in almost a year, hit by higher mortgage rates and low inventory, according to data released Thursday.

The National Association of Realtors reported that sales of existing homes slumped 4.3% in November, a third month of declines, to a seasonally adjusted annual rate of 4.9 million. Economists polled by MarketWatch had expected a November pace of 5 million, with sales pulling back after buyers rushed over the summer to lock in low mortgage rates.

The sales pace in November was down 1.2% from the year-earlier period, the first annual drop in more than two years.

Read the full report here.