U.S. home sales 18% below average despite cheaper mortgages

Americans bought homes at the fourth-slowest pace for a November in a 21-year history, despite the lowest mortgage rates in three years.

Nationally, 269,665 residences were sold in November. That’s existing homes and newly built properties – both houses and condos, according to Attom data dating to 2005. This broad tally of sales is off 13% over 12 months and 18% below average.

It’s no short-run slip. Sales over the past three years averaged 340,913 per month, 8% below the pace of the previous 18 years.