Dec. 19 (UPI) -- Sales of previously owned homes rose 0.5% in November from October, reflecting a slowdown, due to high mortgage rates, high prices and less supply.
Home sales were 1% lower than November 2024, according to the National Association of Realtors. Sales came in at an annualized rate of 4.13 million units.
The numbers are based on closings, so contracts may have been signed in the preceding months when rates dipped slightly.
Supply fell in November after rising most of the year. The association said there were 1.43 million homes for sale at the end of the month, which is down 5.9% from October, but up 7.5 percent year-over-year.
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