Existing home sales fall to lowest level in nearly a year

U.S. home resales fell sharply in November to their lowest level in nearly a year, hurt by a rise in interest rates since the spring and ongoing price increases that have shut some home buyers out of the market. The National Association of Realtors (NAR) said on Thursday that sales of previously owned homes dropped 4.3 percent last month, the third monthly fall in a row, to an annual rate of 4.90 million units. “It is a clear loss in momentum for home sales,” NAR economist Lawrence Yun told reporters. Mortgage interest rates have risen sharply since May on expectations the Federal Reserve would start winding down a bond-buying economic stimulus program.

    

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