The National Association of Realtors is reporting that existing-home sales were down 10.5% in November, which represents the slowest pace in 19 months. However they did say that some of the decrease was likely because of an apparent rise in closing time-frames that may have pushed some transactions into December.
“It’s possible the longer timeframes pushed a latter portion of would-be November transactions into December…As long as closing timeframes don’t rise even further, it’s likely more sales will register to this month’s total, and November’s large dip will be more of an outlier.” says Lawrence Yun, NAR’s Chief Economist.
