WASHINGTON — Home-buying slumped in November, with some Americans priced out of the market by rising prices or constrained by a shortage of sales listings.
The National Association of Realtors said Thursday that sales of existing homes fell 1.7 percent last month to a seasonally adjusted annual rate of 5.35 million. The number of properties for sale has dwindled 5.7 percent from a year ago to 1.64 million units.
Affordability has also posed a persistent challenge. The median sales price has climbed 5.4 percent from a year ago to $257,400, outpacing wage growth.
“This problem is good news for homeowners, but bad for those wanting to buy a home,” said Jennifer Lee, a senior economist for BMO Capital Markets.
