Existing home sales inch up in November
WASHINGTON – Sales of previously owned homes nudged up in November, but that didn’t improve the broader picture of a feeble housing market racked by record-high foreclosures and harder-to-get credit.
The National Association of Realtors reported Monday that sales of existing single-family homes, condominiums and townhouses rose 0.4 percent in November from October, to a seasonally adjusted annual rate of 5 million units. Even with the small increase, the pace of sales was still the second-lowest on record going back to 1999. The lowest pace — 4.98 million — was registered in October.
“There’s little reason to pop open any champagne corks,” said Michael Larson, a real-estate analyst at Weiss Research Inc.
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