US existing home sales fall but first-timers increasing

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Home resales south of the border have fallen to a six-month low according to new data. The National Association of Realtors said yesterday that sales of existing homes dropped 6.1 per cent in November, hitting their lowest mark since May 2014. The annual rate of sales is 4.93 million, a 2.1 per cent rise from a year ago. While the US economy is a shining light in global economics at the moment, the housing market has failed to ignite with some positive gains followed by weaker data. One area that is improving in the US is first-time buyers. As the jobs market and wages increase new entrants to the housing market accounted for 31 per cent of November’s transactions; the highest rate since October 2012. 

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