(Bloomberg) — Sales of previously owned homes slumped in November to the lowest level since April of last year as a change in industry rules lengthened the amount of time it took buyers to close on a deal.
Closings on existing homes, which usually take place a month or two after a contract is signed, declined 10.5% to a 4.76 million annual rate after a revised 5.32 million pace in October, the National Association of Realtors said Tuesday. November sales were weaker than the most pessimistic forecast in a Bloomberg survey.
“November home sales without a doubt were heavily impacted by a new federal government rule regarding closing documents,” Lawrence Yun, NAR chief economist, said in a news conference as the figures were released, adding that sales may rebound this month. “Buying interest is there, it’s just that closings are not happening on a timely basis.”
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