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Home Sales in record decline during November!

Home sales are showing signs of weakness!

U.S. home sales slid in November for a 10th straight month, extending a record streak of declines as high mortgage rates and home prices pushed many buyers out of the market.

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WSJ On U.S home decline

Sales of previously owned homes declined 7.7% in November from the prior month to a seasonally adjusted annual rate of 4.09 million, the weakest rate since May 2020, the National Association of Realtors said Wednesday. November sales fell 35.4% from a year earlier. The streak of declines is the longest on record in data going back to 1999, NAR said.

Existing-home sales have dropped about 37% from their recent peak in January. Mortgage rates surged to above 7% in early November from 3.1% at the end of 2021. That boosted expected mortgage payments for many buyers by hundreds of dollars a month, driving many shoppers out of the market

Image:Housing market