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VOL. 43 | NO. 51 | Friday, December 20, 2019

US home sales tumbled 1.7% in November

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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%.

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TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0