Existing home sales fell in November

WASHINGTON, Dec. 23 (UPI) -- Existing home sales fell by a seasonally adjusted 8.6 percent in November, the National Association of Realtors said Tuesday.

Sales of single-family homes, town homes, condominiums and co-ops declined to an annual rate of 4.49 million units in the month compared with October. From a year ago, sales were down 10.6 percent, the association said.

The NAR also revised its October sales figure down to an annual rate of 4.91 million units.

"The quickly deteriorating conditions in the job market, stock market, and consumer confidence in October and November have knocked home sales to another level," NAR Chief Economist Lawrence Yun said in a statement.

Yun said it was "imperative to provide incentives for home buyers to get back into the market."

NAR President Charles McMillan called for extending the first-time buyer tax credit "to all home buyers." He also said higher federal loan limits should be made permanent. "The faster we do this, the faster housing and the economy can recover," he said in a statement.