November Home Sales Slip 4.5%

Sales of existing homes dropped 4.5% in November for the biggest decline since June, a real estate trade group said today, blaming the weakness on volatile interest rates and jitters caused by the stock market collapse.

The National Assn. of Realtors said the plunge in sales of existing, single-family homes followed increases of 3.5% in October and 1.2% in September. The nationwide resale price for homes declined as well, falling $600 to a median price of $84,200 in November.