Existing US home sales Lower than expected

The National Association of Realtors said today that US existing home sales fell 2.5% to a seasonally adjusted annual rate of 6.69 million units in November versus 6.86 million units in October. Analysts had expected US existing home sales to decline 1.0% to 6.70 million units in November, and year-on-year, existing home sales rose 25.8% in the 12 months to November. The median current home price increased 14.6% from a year ago to $ 310,800 in November, and in November there were 1.28 million pre-owned homes on the market, a record low of 22% from a year ago.