US home sales tumbled 1.7% in November

Business

This Oct. 17, 2019, photo shows a home for sale sign in Orange County near Hillsborough, N.C. On Thursday, Dec. 19, the National Association of Realtors reports on sales of existing homes in November.(AP Photo/Gerry Broome)

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

WASHINGTON (AP) — Home-buying slumped in November, with many Americans priced out of the market by rising prices and a shortage of sales listings.

The National Association of Realtors said Monday that sales of existing homes fell 1.7% last month to a seasonally adjusted annual rate of 5.35 million. Would-be buyers face supply constraints: The number of properties for sale has dwindled 5.7% from a year ago to 1.64 million units.

Affordability has also been a persistent challenge. The median home sales price has climbed 5.4% from a year ago to $257,400, outpacing wage growth.

Still, lower mortgage rates have provided a base of demand. Over the past 12 months, the decline in the typical mortgage rate from 4.9% to 3.8% this November helped to annual boost sales 2.7%.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Now Trending on KRQE.com

Video Forecast

Grant's Friday Evening Forecast

More Weather Video Forecast
Albuquerque Hourly Forecast

Don't Miss

More Don't Miss