The pace of sales for existing homes in the United States weakened much more than market expectations in November, according to an industry survey released Tuesday.

U.S. existing home sales fell to an annualized pace of 4.49 million units in November, marking a whipping 8.6% month-over-month decline following October's downwardly revised sales pace of 4.91 million units, according to the National Association of Realtors (NAR).

Economists were expecting November's sales pace to fall to 4.93 million units from the originally reported 4.98 million units for October.

The national median existing home price fell to $181,300 in November, down from the October figure of $186,500. Over the past year, prices have fallen 13.2%.

Single-family unit sales - which account for four-fifths of all sales - fell 8.0% to a pace of 4.02 million, down from a rate of 4.37 million in the previous month.

Total housing inventories rose to an 11.2-month supply in November from the upwardly revised 10.3-month overhang recorded in October.

Released at the same time was data for U.S. new home sales, which have been on a steady decline since peaking in July 2005.

By Patrick McGee and edited by Nancy Girgis
©CEP News Ltd. 2008