Existing home sales fall by 8.6 % in November - KWWL - Eastern Iowa Breaking News, Weather, Closings

Existing home sales fall by 8.6 % in November

WASHINGTON (KWWL) - A real estate group said sales of existing homes plummeted far more than expected last month.

The median sales price fell by the largest amount on record.

The National Association of Realtors said Tuesday that sales of existing homes fell 8.6 percent to an annual rate of 4.49 million in November.

The median sales price plunged 13.2 percent in November to $181,300, from $208,000 a year ago.

That was the lowest price since February 2004 and the biggest year-over-year drop on records going back to 1968.

Online Executive Producer Nate Leding

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