WASHINGTON – Home sales plunged sharply in November, as rising prices are creating affordability pressures and new regulations have delayed finalizing purchases.
The National Association of Realtors says sales of existing homes collapsed 10.5 percent to a seasonally adjusted annual rate of 4.76 million. It was the weakest pace in 19 months.
The setback follows solid gains in real estate for much of 2015. Sales of existing homes are on track to rise roughly 5 percent for the entire year. But the introduction of a new disclosure form in October likely prevented many homebuyers from closing on sales in November.
Home values are also rising at more than double the pace of wages.
The median home sales price was $220,300 in November, a 6.3 percent annual increase from a year ago.
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