November existing home sales drop to 4.93 million units, weakest in six months

WASHINGTON (MarketWatch) - Sales of existing homes fell 6.1% in November to a seasonally adjusted annual rate of 4.93 million, the National Association of Realtors reported Monday. This is the weakest level in six months. Economists polled by MarketWatch had expected the sales rate to decline to 5.18 million in November from an originally reported 5.26 million in October. November's pace of sales was up 2.1% from a year earlier. The median sales price of used homes hit $205,300 in November, up 5.0% from the year-earlier period. November's inventory was 2.09 million existing homes for sale, a 5.1 month supply at the current sales pace. The number of homes available for sale was up 2.0% from the year-earlier period.

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