Sales of previously occupied U.S. homes rose in November from the previous month, but slowed compared to a year earlier for the first time since May despite average long-term mortgage rates holding near their low point for the year.

Existing home sales rose 0.5% in last month from October to a seasonally adjusted annual rate of 4.13 million units, the National Association of Realtors said Friday.

Sales fell 1% compared with November last year. The latest sales figure came in slightly below the 4.14 million pace economists were expecting, according to FactSet.

The national median sales price increased 1.2% in last month from a year earlier to $409,200. Home prices have risen on an annual basis for 29 months in a row, even as the housing market has been mired in a slump that began in 2022 when mortgage rates began climbing from historic lows. Sales of previously occupied U.S. homes sank last year to their lowest level in nearly 30 years.

Sales have been stuck at around a 4-million annual pace going back to 2023. That’s well short of the 5.2-million annual pace that’s historically been the norm.

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