Existing Home Sales Rate Falls to Eight-Month Low

ales of existing homes fell 1.7% in November to an eight-month low, the National Association of Realtors said Thursday.

The drop to a 6.97 million annual rate from October’s 7.09 million was greater than economists’ forecasts of a decline to a 7 million-unit rate, Bloomberg reported.

June’s 7.35 million rate earlier this year was a record pace for existing home sales.

Existing home sales account for 85% of the residential real estate market in the United States. When a home is sold, trucks are usually used to transport household appliances and furniture.