Total existing-home sales dropped 10.5 percent to a seasonally adjusted annual rate of 4.76 million in November from 5.32 million in October, the lowest rate since April 2014, according to the National Association of Realtors.
Sales in November were 3.8 percent below November 2014, the first year-over-year decrease since September 2014.
The sales decline was not likely due to “withering demand,” said Lawrence Yun, NAR chief economist, in a statement.
“Sparse inventory and affordability issues continue to impede a large pool of buyers’ ability to buy, which is holding back sales,” he said. “However, signed contracts have remained mostly steady in recent months, and properties sold faster in November.”
Regionally, existing-home sales in the Northeast dropped 9.2 percent to an annual rate of 690,000 in November. In the Midwest, they fell 15.4 percent to a rate of 1.10. The South reported a decrease of 6.2 percent to a rate of 1.98 million and the West’s rate declined 13.9 percent to 990,000.
