By Dees Stribling | MHN Online
The National Association of Realtors reported on Thursday total U.S. existing home sales, including single-family, condos and co-ops, dropped 4.3 percent in November compared with October, down to an annualized rate of 4.9 million units. Year-over-year, the rate dropped 1.2 percent, which was the first time in more than two years that it went down on an annual basis.
Total housing inventory at the end of November declined 0.9 percent to 2.09 million existing homes available for sale, which represents a 5.1-month supply at the current sales pace, compared with 4.9 months in October. Unsold inventory is 5 percent above a year ago, when there was a 4.8-month supply, according to NAR.