This article exists as part of the online archive for HuffPost Canada, which closed in 2021.

US home sales plummet 10.5 per cent in November; new federal regulations may have delayed sales

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 per cent 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 per cent 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 per cent annual increase from a year ago.

Josh Boak, The Associated Press

Suggest a correction
This article exists as part of the online archive for HuffPost Canada. Certain site features have been disabled. If you have questions or concerns, please check our FAQ or contact support@huffpost.com.