Resales Fall 1.7%

Existing-home sales fell for the second consecutive month in November (by 1.7%), contributing to evidence that the housing market is slowing, but at a moderate pace.The National Association of Realtors reported that November sales of single-family homes, condominiums, and cooperatives fell from a seasonally adjusted annual rate of 7.09 million in October to 6.98 million in November -- the slowest sales pace since March. November sales confirm that housing activity has "peaked" and the market is headed for a "soft landing" thanks to moderately rising mortgage rates, said NAR chief economist David Lereah. Inventories of unsold homes rose to a five-month supply, the highest since June 2003, and price appreciation on single-family homes slowed from a 16.6% annual rate in October to 13.5% in November. The NAR report shows single-family home sales fell by 1.9% in November, while condo and co-op sales fell 0.8%. The association can be found online at http://www.realtor.org.