WASHINGTON | US home sales rose 1.9 percent in November

19Dec - by Editor - 0 - In STL.News

WASHINGTON— U.S. home sales increased in November for the second straight month, but sales plummeted 7 percent from a year ago amid growing affordability pressures.

The National Association of Realtors said Wednesday that sales of existing homes rose 1.9 percent to a seasonally adjusted annual rate of 5.32 million last month. But higher mortgage rates have caused sales over the past 12 months to plunge at the steepest pace since May 2011, when the real estate sector was still in the grips of the housing bust.

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