Dec. 19 (UPI) -- The National Association of Realtors said Thursday sales of existing homes in the United States decreased nearly 2 percent for the month of November.
Home sales slipped by 1.7 percent, the industry group said, as national inventory fell 7.3 percent to 1.6 million units. The figure is down 5.7 percent over the past year, the NAR said.
The group's report said median home prices have risen 5.4 percent from last year and outpaced wage growth.
Still, the seasonally-adjusted annual rate of 5.35 million sales for November is up almost 3 percent from the same time last year.
"Sales will be choppy when inventory levels are low, but the economy is otherwise performing very well with more than 2 million job gains in the past year," Lawrence Yun, NAR chief economist, said.