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US existing-home sales rise for 2nd consecutive month in November

U.S. existing-home sales rose for the second consecutive month in November, the National Association of Realtors said.

Total existing-home sales increased 1.9% to a seasonally adjusted rate of 5.32 million, from 5.22 million in October, but were down 7.0% from November 2017.

"The market conditions in November were mixed, with good signs of stabilizing home sales compared to recent months," according to Lawrence Yun, NAR chief economist.

Total housing inventory at the end of the month decreased to 1.74 million from 1.85 million, but was up from 1.67 million a year ago.

"A marked shift is occurring in the West region, with much lower sales and very soft price growth," said Yun. "It is also the West region where consumers have expressed the weakest sentiment about home buying, largely due to lack of affordable housing inventory."

The median existing-home price for all housing types was $257,700 in November, up 4.2% year over year.