Inventory Shortage Continues to Weaken New Home Sales

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Posted To: MND NewsWire

Existing home sales fell back again in November, erasing most of October’s 1.9 percent gain. Sales have now declined in two of the last three months . The National Association of Realtors® (NAR) said sales of previously owned single-family houses, townhouses, condominiums, and cooperative apartments were at a seasonally adjusted rate of 5.35 million, down 1.7 percent from the October rate of 5.46 million units. Sales for the month, however, were still up by 2.7 percent from the 5.21 million pace in November 2018. Sales of single-family homes were at a rate of 4.79 million units compared to 4.85 million the previous month, a loss of 1.2 percent but 3.5 percent higher than a year earlier. Coop and condo sales fell even further, 5.1 percent. The annual rate of 560,000 condo sales in November…(read more)

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