WASHINGTON: US home resales hit a near one-year low in November and new filings for unemployment benefits unexpectedly rose last week, putting a wrinkle in an otherwise brightening economic picture.
The National Association of Realtors said yesterday that sales of previously owned homes fell 4.3 percent last month to an annual rate of 4.90 million units. That was the lowest since December last year and was the third monthly fall in a row.
In a separate report, the Labour Department said initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 379,000, the highest level since March.
Home sales have been hurt by a rise in interest rates since the spring and ongoing price increases that have shut some home buyers out of the market.
But the overall housing market recovery remains intact as a steady rise in household formation from multi-decade lows props up demand and encourages builders to undertake new projects. The median existing home price rose 9.4 percent in November to $196,300 from the same month in 2012.
Reuters
