U.S. existing-home sales decline in November

U.S. existing-home sales decline in November  

Sales of existing homes slumped 4.3% in November, a third month of declines, to a seasonally adjusted annual rate of 4.9 million, on higher mortgage rates and low inventory, the National Association of Realtors reported Thursday. November's sales pace, the slowest since December, was below the estimate from economists polled by MarketWatch, who had expected a 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. The median sales price of used homes hit $196,300 in November, up 9.4% from the year-earlier period, supported by low inventory. November's inventory was 2.09 million existing homes for sale, a 5.1-month supply at the current sales pace.