Business

U.S. Existing Home Sales Hit Six-Month Low, Inventories Low

US Housing

Lucia Mutikani, REUTERS

 

(Reuters)—U.S. home resales tumbled to a six-month low in November after two straight months of strong increases, underscoring the uneven nature of the housing market recovery.

The National Association of Realtors said on Monday existing home sales dropped 6.1 percent to an annual rate of 4.93 million units, the lowest level since May.

November’s steep decline probably does not signal the start of a weakening trend and in part reflected stubbornly low inventories, which touched an eight-month low, giving buyers limited options. Sales were up 2.1 percent from a year ago.

 

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