Prices for U.S. homes climbed last month despite slowing sales

Sales of previously occupied U.S. homes rose in November from the previous month, but slowed compared with a year earlier for the first time since May despite average long-term mortgage rates holding near their low point for the year.

- ALEX VEIGA

AFFORDABILITY REMAINS a challenge for many aspiring homeowners, especially first-time buyers. Uncertainty over the nation's economy and job market is also keeping many would-be buyers on the sidelines.

Existing home sales rose 0.5% in the last month from October to a seasonally adjusted annual rate of 4.13 million units, the National Assn. of Realtors, or NAR, said Friday.

Sales fell 1% compared with November last year. The latest sales figure came in slightly below the 4.14-million pace that economists were expecting, according to FactSet.

Through the first 11 months of this year, home sales are down 0.5% compared with the same period last year.

"It's possible that 2025, unless December [sales] figures really improve, we may be technically slightly down from one year ago," said Lawrence Yun, NAR's chief economist.