Sales of previously occupied U.S. homes rose in November from the previous month, but slowed compared to a year earlier for the first time since May despite average long-term mortgage rates holding near their low point for the year.

Existing home sales rose 0.5% in last month from October to a seasonally adjusted annual rate of 4.13 million units, the National Association of Realtors said Friday.

Sales fell 1% compared with November last year. The latest sales figure came in slightly below the 4.14 million pace economists were expecting, according to FactSet.

Through the first 11 months of this year, home sales are down 0.5% compared to the same period last year.

“It’s possible that 2025, unless December (sales) figures really improve, we may be technically slightly down from one year ago,” said Lawrence Yun, NAR’s chief economist.

One factor limiting home sales is weaker demand for condominiums. Sales of condos are down 6% so far this year, Yun noted.

Despite sluggish sales,

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