Sales of Previously Owned Homes Down 4.6 Percent in November

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Sales of Previously Owned Homes Down 4.6 Percent in November
By Jeannine Aversa
Associated Press Writer

WASHINGTON (AP) - Sales of previously owned homes declined by 4.6 percent in November. But sales nevertheless registered their fifth best month on record, a sign that the housing market remains in good shape.
The National Association of Realtors reported Tuesday that the decline from October to November still left total sales at a brisk seasonally adjusted annual rate of 6.06 million homes. Sales of existing homes are on track to set a new record for all of 2003, economists said. <snip>

Some analysts had forecast smaller decline in sales for last month, however.

Tuesday's report also showed that the national median price for a previously owned home in November was $170,900, up 5.9 percent from November 2002. The median price is where half of the homes sell for more and half sell for less. Solid home appreciation has helped to support consumer spending, a main force keeping the national economy going.
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On the Net:
National Association of Realtors:
http://www.realtor.com/