Existing home sales inch up in November
WASHINGTON – Sales of previously owned homes nudged up in November, but that didn’t improve the broader picture of a feeble housing market racked by record-high foreclosures and harder-to-get credit.
The National Association of Realtors reported 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. Even with the small increase, the pace of sales was still the second-lowest on record going back to 1999. The lowest pace — 4.98 million — was registered in October.
“There’s little reason to pop open any champagne corks,” said Michael Larson, a real-estate analyst at Weiss Research Inc.
To be sure, sales are down 20 percent from November 2006, underscoring the problems plaguing the housing sector.
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 marked a 3.3 percent drop from a year ago. It was the fifth biggest annual decline on record. The median price is where half sell for more and half sell for less.