U.S. existing-home sales fall for a 10th straight month
The numbers: U.S. existing-home sales fell 7.7% to a seasonally adjusted annual rate of 4.09 million in November, the National Association of Realtors said Wednesday.
Homes remained on the market for 24 days on average, up from 21 days in October. Pre-pandemic, the average time for homes to remain on the market was a month. Plus, with the inventory of homes still tight, homebuyers are still having a hard time finding good deals.What the realtors said: “The real estate market was frozen in November, resembling the sales activity seen during the COVID-19 economic lockdowns in 2020,” Lawrence Yun, chief economist at the National Association of Realtors said.
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