By JEANNINE AVERSA
The Associated Press
WASHINGTON | Sales of previously owned homes nudged up nationwide in November, but better-than-expected sales did little to brighten the broader picture of a slumping housing market.
The National Association of Realtors reported Monday that sales of existing single-family homes, condominiums and townhouses rose 0.4 percent in November from October, to a seasonally adjusted annual rate of 5 million units. Even with the small increase, the pace of sales was still the second lowest on record going back to 1999. The lowest pace — 4.98 million — was registered in October.
“There’s little reason to pop open any champagne corks,” said Michael Larson, an analyst at Weiss Research Inc.
Nationwide, existing-home sales were down 20 percent from November 2006, underscoring the problems of the sector.
In the Kansas City area, existing-home sales totaled 1,747, down 12.1 percent from a year earlier, according to the Kansas City Regional Association of Realtors. Area existing-home sales during November were down 11.2 percent from October.
Home prices continued to sink nationwide.
The median price of a home sold in November was $210,200, down 3.3 percent from a year earlier. It was the fifth-biggest annual decline on record. The median price is where half sell for more and half sell for less.
In the Kansas City area, the average existing-home sales price in November was $154,789, up 1.2 percent from a year earlier.
By region of the country, sales were mixed.
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