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November Home Sales Lower than Expected

Mortgage News > November Home Sales Lower than Expected
Date: 12/26/2019    November Home Sales Lower than Expected

Sales of existing U.S. homes fell 1.7% in November to a seasonally adjusted annual rate of 5.35 million units from October, according to the National Association of Realtors, a far bigger percentage than the 0.2% decrease predicted by a Reuters economist poll. A housing supply shortage is to blame for the decline in November sales. However, on a yearly basis, sales are up 2.7%, largely due to a significant drop in mortgage interest rates. The average rate on a 30-year conforming fixed rate mortgage is currently 3.74%; last year at this time it was 4.55%.

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