Homes sales slipped in November as the supply of properties for sale fell to a new low, the latest sign strong economic momentum in the middle of the year is easing in 2020’s final months.
Existing-home sales fell 2.5% in November from October to a seasonally adjusted annual rate of 6.69 million, the National Association of Realtors said Tuesday. It was the first decline in six months. The November sales of previously owned homes, which make up most of the housing market, rose 25.8% from a year earlier.
“Without a doubt, there are too many buyers in relation to the sellers,” said Lawrence Yun, NAR’s chief economist. “That is probably the main driver as to why the sales declined.”
Separately, U.S. consumers’ outlook on the economy darkened in December as coronavirus cases climbed nationwide, the Conference Board, a private research group, said Tuesday.
From the Wall Street Journal
