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Sales of Existing Homes Slump on Delayed Contract Closings

2015-12-22 18:26:55| Real Estate - Topix.net

Sales of previously owned homes slumped in November to the lowest level since April of last year as a change in industry rules lengthened the amount of time it took buyers to close on a deal. Closings on existing homes, which usually take place a month or two after a contract is signed, declined 10.5% to a 4.76 million annual rate after a revised 5.32 million pace in October , the National Association of Realtors said Tuesday.

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