Existing U.S. home sales slid 6.1 percent in November as housing supply showed some tightening, according to the National Association of Realtors (NAR). All major regions experienced a decline in sales compared with a month earlier.

Total existing-home sales fell to a seasonally adjusted annual rate of 4.93 million in November, from a downwardly-revised 5.25 million in October. Sales dropped to their lowest annual pace since May (4.91 million) but are above year-over-year levels (up 2.1 percent from last November) for the second straight month.  

Lawrence Yun, NAR chief economist, said sales activity was choppy throughout the country in November and housing inventory began its seasonal decline.

"Fewer people bought homes last month despite interest rates being at their lowest levels of the year," he said in a statement. "The stock market swings in October may have impacted some consumers’ psyche and therefore led to fewer November closings. Furthermore, rising home values are causing more investors to retreat from the market."

The median existing-home price for all housing types in November was $205,300, which is 5 percent above November 2013. This marks the 33rd consecutive month of year-over-year price gains.

Total housing inventory at the end of November fell 6.7 percent to 2.09 million existing homes available for sale, which represents a 5.1-month supply at the current sales pace – unchanged from last month. Despite the tightening in supply, unsold inventory remains 2 percent higher than a year ago, when there were 2.05 million existing homes available for sale.

"Lagging homebuilding activity continues to hamstring overall housing supply and is still too low in relation to this year’s promising job growth," Yun added in a statement. "Much faster price and rent appreciation – easily exceeding wage growth – will occur next year unless new construction picks up measurably."

All-cash sales represented 25 percent of transactions in November, down from 27 percent in October and 32 percent in November of last year. Individual investors, who account for many cash sales, purchased 15 percent of homes in November, unchanged from last month and below November 2013 (19 percent). Sixty-one percent of investors paid cash in November.

The percent share of first-time buyers in November climbed to 31 percent, up from October (29 percent), hitting the highest share since October 2012 (also 31 percent). First-time buyers have represented an average of 29 percent of buyers through November of this year. 

Distressed sales – foreclosures and short sales – were unchanged in November from October (9 percent) and remained in the single digits for the fourth month this year; they were 14 percent a year ago. Six percent of November sales were foreclosures and 3 percent were short sales.

Foreclosures sold for an average discount of 17 percent below market value in November (15 percent in October), while short sales were discounted 13 percent (10 percent in October).        

Properties typically stayed on the market in November longer (65 days) than last month (63 days) and a year ago (56 days). Short sales were on the market the longest at a median of 116 days in November, while foreclosures sold in 65 days and non-distressed homes took 63 days. Thirty-two percent of homes sold in November were on the market for less than a month.

Single-Family And Condo/Co-op Sales

Single-family home sales dropped 6.3 percent to a seasonally adjusted annual rate of 4.33 million in November from 4.62 million in October, but remain 2.4 percent above the 4.23 million pace of a year ago. The median existing single-family home price was $206,200 in November, up 5.6 percent from November 2013.

Existing condominium and co-op sales declined 4.8 percent to a seasonally adjusted annual rate of 600,000 units in November from 630,000 in October, and are unchanged from a year ago. The median existing condo price was $199,000 in November, which is 1.2 percent higher than a year ago.

November existing-home sales in the Northeast declined 4.2 percent to an annual rate of 680,000, but are still 4.6 percent above a year ago. The median price in the Northeast was $246,100, which is 1.3 percent above a year ago.