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Existing-Home Sales Decline in November, but Strong Price Gains Continue
Existing-home sales fell in November, although median prices continue to show strong year-over-year growth, according to the National Association of Realtors®. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, dropped 4.3 percent to a seasonally adjusted annual rate of 4.90 million in November from 5.12 million in October, and are 1.2 percent below the 4.96 million-unit pace in November 2012. This is the first time in 29 months that sales were below year-ago levels. Lawrence Yun, NAR chief economist, said the market is being squeezed. ... (full story)
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