-
US Previously Owned Home Sales Edge Up From a 13-Year Low
Sales of previously owned US homes unexpectedly rose in November, led by a pickup in the South and representing a respite in a two-year downturn caused by higher borrowing costs and a lack of inventory. Contract closings increased 0.8% from a month earlier to a 3.82 million annualized rate, still near the lowest since 2010, according to National Association of Realtors data released Wednesday. The median forecast in a Bloomberg survey of economists called for a 3.78 million pace. Purchases were down 7.7% from a year ago on an unadjusted basis. A mix of still-high borrowing costs and elevated prices has stymied buyers ... (full story)