LOS ANGELES—The housing market slump deepened in November as sales of previously occupied U.S. homes slowed for the tenth consecutive month—the longest such stretch on records going back to 1999.
Existing home sales fell 7.7 percent last month from October to a seasonally adjusted annual rate of 4.09 million, the National Association of Realtors said Wednesday. That’s a slower sales pace than what economists had expected, according to FactSet.
Sales plunged 35.4 percent from November last year. Excluding the steep sales downturn that occurred in May 2020 at the start of the pandemic, sales are now at the slowest annual pace since November 2010, when the housing market was mired in the aftermath of the foreclosure crisis of the late 2000s….