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RE/MAX: Home sales drop 7.8%

Fall after 28 months of increases

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Home sales dropped 7.8% after 28 months of year-over-year increases as the market made expected seasonal adjustments, the latest RE/MAX national housing report revealed.

"The recovery is simultaneously impacted by a combination of factors - rising interest rates, the government shutdown, mortgage qualification difficulties, severe weather and seasonality," the report stated.

Meanwhile, the median home price in November rose 13.7% to $187,000, mostly due to a still tight supply of homes for sale.

The current number of months necessary to sell the entire inventory of homes slightly increased to 5.4 months, which is close to the 6-month supply that defines a market balanced equally between buyers and sellers.

In addition, the current 12.9% drop in inventory from November 2012 is less than half the annual inventory loss seen in April of this year.

"In a month when we normally expect home sales to slow down, this November we’ve seen more than seasonality at play. While the fundamentals for a housing recovery remain in place, the market never moves in a straight line. Along the way, we should expect some fluctuations resulting from a number of different factors," said Margaret Kelly, CEO of RE/MAX. 

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