November existing home sales fall by 8.6 percent - WKOW 27: Madison, WI Breaking News, Weather and Sports

November existing home sales fall by 8.6 percent

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WASHINGTON (AP) -- A real estate group says sales of existing homes plummeted far more than expected last month as buyers reeled from October's big plunge on Wall Street. The median sales price fell by the largest amount on record.

The National Association of Realtors said Tuesday that sales of existing homes fell 8.6 percent to an annual rate of 4.49 million in November, from a downwardly revised pace of 4.91 million in October.

Sales had been expected to fall to a pace of 4.9 million units. according to Thomson Reuters.

The median sales price plunged 13.2 percent in November to $181,300, from $208,000 a year ago. That was the lowest price since February 2004 and the biggest year-over-year drop on records going back to 1968.

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