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Sales pace of resale homes slips 8.6%

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The sales rate of existing homes dropped a record 8.6 percent in November, hitting an 11-year low at 4.49 million, according to National Association of Realtors statistics released today, and the sales rate was off 10.6 percent from November 2007. The median price of resale homes plunged 13.2 percent in November compared to the same month last year -- marking the fifth consecutive month of decline. The U.S. median resale home price dropped to $181,300 in November from $208,800 a year earlier. In a separate announcement today, the Census Bureau reported that the sales rate of new homes dropped 2.9 percent in November and fell 35.3 percent compared to November 2007, with the new-home median price sinking 11.5 percent year-over-year in November. Sales rates for new and resale homes are based on a projection of a monthly sales total over a 12-month period, adjusted to account for typical seasonal fluctuations in sales activity. The Census Bureau reported this month that housing...