WASHINGTON, Dec 31: Sales of previously owned homes in the US inched up in November but that did not change the overall bleak picture for an ailing housing industry that has been suffering through a painful slump.

The National Association of Realtors reported on Monday that sales of existing single-family homes, condominiums and townhouses rose 0.4 per cent in November from October, to a seasonally adjusted annual rate of 5 million units. Over the last 12 months, however, existing home sales have plunged 20 per cent, underscoring the troubles in the housing sector.

Economists were calling for sales to either move up slightly or hold steady for November.

Home prices continued to sink. The median price of a home sold last month was $210,200 (euro142,789). That marked a 3.3 per cent drop from a year ago. It was the fifth biggest annual decline on record. The median price is where half sell for more and half sell for less.

Sales were mixed across different regions of the country.

Existing home sales jumped 10.3 per cent in November from October in the West. They were flat in the Midwest. However, they fell by 2 per cent in the South and by 3.3 per cent in the Northeast.

The inventory of unsold homes in November was 4.27 million homes. At the current sales pace it would take 10.3 months to exhaust that overhang.—AP