In a further sign of cooling housing market, the National Association of Realtors on Thursday, reported that November's sales of existing homes, including single-family, town homes and condominiums, fell 1.7%.

The number of houses changing hands in November totaled 6.97 million units at a seasonally adjusted annual rate. This is the second month in a row where sales were down. And it is the lowest since March, 2005.

However, the median sales price of an existing home still advanced in a healthy clip of 13.2 percent from the same month last year. The national median stood at $215,000 in November.

The chief economist David Lereah of NAR was quick to point out that all the data are indicating a 'soft landing' in the housing market, partly attributed by a gradual increase of mortgage rates.