U.S. home resales see first decline in six months

WASHINGTON — Sales of existing U.S. homes in November declined for the first time in six months, falling 2.5 percent to a seasonally adjusted annualized rate of 6.69 million units according to the National Association of Realtors. That drop was greater than the 1 percent decline projected by economists in a Reuters poll. Compared to last November, sales were up 25.8 percent. High demand and increasingly tight supply have combined to drive the median price up by more than 14 percent.