Dec
22
Home Sales Take Hit in Nov.; MF Gains
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Yun observes that properties sold faster last month.WASHINGTON, DC—Sales of existing homes fell 10.5% last month, according to the National Association of Realtors, although for-sale apartments posted year-over-year gains. NAR attributed the dropoff in part to new regulations that prolong closing timeframes.The seasonally adjusted annual rate of 4.76 million units, including both single-family and multifamily sales, was the lowest since April 2014. “Sparse inventory and affordability issues continue to impede a large pool of buyers’ ability to buy, which is holding back sales,” says Lawrence Yun, chief economist at NAR. “However, signed contracts have remained mostly steady in recent months, and properties sold faster in November. Therefore it’s highly possible the stark sales decline wasn’t because of sudden withering demand.”…
