Sales of previously owned homes fell 4.3 percent in November, according to estimates from the National Association of Realtors. The drop slowed sales to a pace 1.2 percent below last year’s rate, marking the first time in more than two years that sales were below year-ago levels. Lawrence Yun, NAR’s chief economist, said the market is being squeezed by constrained inventory. According to Yun, there is pent-up demand for owner-occupied housing and, though household formation will inevitably burst out, limited supply is slowing the sales pace. It’s also driving price increases. The national median existing-home price for all housing types was $196,300 in November, up 9.4 percent from last year. Median prices are highest in the West, where the median sales price was $284,400. The Midwest had the lowest median price at $151,100. More here.