The drop represents the loss of more than two million sales from an inflated rate, bringing cumulative sales to 17.7 million for the four-year period.
Together, this paints a far more dire picture of the nation's housing market than was originally thought, and distorts the pace of the economic recovery in the U.S.
Below, annually adjusted data, from 2007 through 2010:2007 lowered 11% to 5.04 million 2008 lowered 16% to 4.11 million 2009 lowered 16% to 4.34 million 2010 lowered 15% to 4.19 million
November home sales came in at an annualized rate of 4.42 million units, against expectations for 5.05 million. However, against revised lower sales for October, to 4.25 million, existing sales gained 4.0% sequentially, above forecasts.
The full release:
Washington, DC, December 21, 2011
Existing-home sales rose again in November and remain above a year ago, according to the National Association of Realtors®. Also released today were periodic benchmark revisions with downward adjustments to sales and inventory data since 2007, led by a decline in for-sale-by-owners.