U.S. home re-sales fell in November for the third consecutive month, dropping sharply to the lowest level in almost a year, hurt by higher mortgage rates since the spring and ongoing price increases that have excluded some homebuyers from the market, an industry group reported Thursday. The National Association of Realtors (NAR) said existing-home sales fell 4.3 percent last month to an annual rate of 4.90 million units, the weakest level since December 2012 and the first time since April that the pace has fallen below 5 million. "It is a clear loss in momentum for home sales," said NAR chief economist Lawrence Yun. Still, the NAR projects that total sales of previously owned homes this year will be 5.1 million, which would be the strongest since 2007, the year the housing-market bubble burst. Mortgage rates have risen sharply since May on expectations the Federal Reserve (Fed) would begin reducing its bond-buying economic-stimulus program. The Fed announced Wednesday it would begin tapering its program next month. Yun said the rise in mortgage rates, coupled with fast-rising prices, made home buying less affordable for many Americans. The median sales price of an existing home fell slightly in November but was 9.4 percent higher than a year ago, the report said.
