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sales The number of previously occupied U.S. homes rose in November from the previous month, but slowed from a year earlier for the first time since May, despite the average long-term mortgage rate remaining near its low point for the year.
The National Association of Realtors said Friday that existing home sales rose 0.5% last month in October to a seasonally adjusted annual rate of 4.13 million units.
Sales fell 1% compared to November last year. The latest sales figure was slightly below the 4.14 million pace that economists were expecting, according to FactSet.
The national average sales price rose 1.2% to $409,200 last month from a year earlier. Home prices have risen on an annual basis for 29 consecutive months, even as the housing market is mired in a recession that began in 2022 when mortgage rates began climbing from historic lows. Sales of previously occupied U.S. homes fell last year to the lowest level in nearly 30 years.
Sales are stuck at a roughly 4 million annual pace through 2023. This is well below the 5.2 million annual pace that has historically been the norm.