Sales of previously owned homes inched up in November but that did not change the overall bleak picture for a housing industry that has been suffering through a painful slump. The National Association of Realtors reported on Monday that sales of existing single-family homes, condominiums and townhouses rose 0.4 percent in November from October, to a seasonally adjusted annual rate of 5 million units. In the last 12 months, however, existing home sales have plunged 20 percent, underscoring the troubles in the housing sector reports the New York Times.
Economists were calling for sales to either move up slightly or hold steady for November.
Home prices continued to sink.
The median price of a home sold last month was $210,200. That was a 3.3 percent drop from a year ago and the fifth-biggest annual decline on record. The median price is where half sell for more and half sell for less.
Read it here: Sales of Existing Homes Up Slightly in November