Sales of existing homes slumped 4.3 percent in November, the third month of declines, to a seasonally adjusted annual rate of 4.9 million, on higher mortgage rates and low inventory, the National Association of Realtors said today, MarketWatch reported. November's sales pace, the slowest since December, was below the estimate from economists polled by MarketWatch, who had expected a pace of 5 million, with sales pulling back after buyers rushed over the summer to lock in low mortgage rates. The sales pace in November was down 1.2 percent from the year-earlier period, the first annual drop in more than two years.