New, Existing Home Sales Decline In November

Sales of both existing and new homes fell in November, the National Association of Realtors and the Commerce Department said Tuesday.

Existing home sales declined 8.6% to an annual rate of 4.49 million, from a 4.91 million revised rate in October, NAR said. The median price of existing homes fell 13.2% from a year earlier, the most on record.

Meanwhile, new home sales fell 2.9% to an annual rate of 407,000, the lowest in 17 years, Commerce said. The median price dropped 11.5% from a year earlier.

Economists had forecast that existing home sales would fall to a 4.93 million annual rate, Bloomberg reported. New home sales were forecast to drop to a 415,000 annual rate.

Rising home sales can mean more business for flatbed trucking companies that haul building materials and dry van freight carriers that haul household appliances and furniture.

New home sales account for about 15% of residential real estate sales.