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WASHINGTON (Reuters) - U.S. economic growth slowed in October and the first half of November as a glut of homes for sale pushed home prices down and tighter credit took some would-be buyers out of the market, the Federal Reserve said on Wednesday.

"Demand for residential real estate remained quite depressed, with only a few tentative and scattered signs of stabilization amidst the ongoing slowdown," the central bank's Beige Book of anecdotal descriptions about the economy said.

"Contacts generally do not expect a significant pickup in homebuilding until well into next year at the earliest," the Fed said.

The report, which depended on information gathered through November 16, said news about retail spending was "downbeat" in general. However, some districts pointed to solid growth in sales for consumer electronics and luxury goods.

"Looking ahead, the reports were slightly pessimistic for the holiday retail season," the Beige Book said.

Higher oil prices pushed up transportation costs and manufactured items that use petroleum-related materials, the report said. Food prices "continued their upward march," and imported goods' prices rose because the dollar's value fell.

Many producers responded by increasing final sales prices, but some were forced to absorb price increases in profit margins, the Fed said.

(Reporting by Mark Felsenthal and David Lawder, Editing by Neil Stempleman)