Home sales continue to drop

Persistently high home prices and mortgage rates topping 7% pushed U.S. home sales down for the 10th month in a row in November.

Existing home sales dropped 35.4% last month from a year earlier, dropping 7.7% from October. That’s according to a National Association of Realtors report released Wednesday.

Home sales have been dropping since February making it the longest streak of declining sales on record, going back to 1999.

People are buying homes at the slowest rate in 12 years, except for May 2020 when the pandemic stalled the housing market. Despite this trend, home prices are still going up, albeit at a slower pace.

The median home price was $370,700 in November. That’s a 3.5% jump from a year earlier.

Categories: National News