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US home sales rise unexpectedly in Nov

However, existing home sales tumble 7 per cent from a year ago, the largest annual drop since May 2011

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The housing market is being constrained by higher mortgage rates, as well as land and labour shortages.

Washington

US HOME sales unexpectedly rose in November, but recorded their biggest annual decline in 7-1/2 years, adding to other data that has painted a grim picture of the housing market.

The National Association of Realtors said on Wednesday existing home sales increased 1.9 per...

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