General World News

Record mortgage rates killed existing home sales in November

Existing home sales slid for the 10th consecutive month in November, as homebuyer demand continued to cool.

The seasonally adjusted sales rate for existing homes fell 7.7% month over month in November to a rate of 4.09 million, according to a report from the National Association of Realtors (NAR) released Wednesday.

On a yearly basis, existing home sales are down 35.4%.

“In essence, the residential real estate market was frozen in November, resembling the sales activity seen during the COVID-19 economic lockdowns in 2020,” Lawrence Yun, NAR’s chief economist, said in a statement. “The principal factor was the details ⇒

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