US home sales fell in November, the 10th consecutive month

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — Sales of previously occupied U.S. homes slowed for the tenth month in a row in November, constrained by a tight inventory of properties on the market and mortgage rates averaging more than double what they were a year ago. The National Association of Realtors said Wednesday that existing home sales fell 7.7% last month from October to a seasonally adjusted annual rate of 4.09 million. That’s lower than what economists were expecting, according to FactSet. Sales plunged 35.4% from November last year. Despite the slowdown, home prices continued to rise. The national median home sales price rose 3.5% in November from a year earlier to $370,700.