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.