Existing-home sales fell by 2.5% in November to a seasonally adjusted annual rate of 6.69 million, according to the National Association of Realtors (NAR). Sales rose year-over-year, up 25.8% from November 2019. First-time buyers were responsible for 32% of sales in November, equal to the percentage seen in both October 2020 and November 2019.
Lawrence Yun, NAR’s chief economist, states that the slowing job recovery and surging viral cases have lowered consumer confidence. “Circumstances are far from being back to the pre-pandemic normal,” he said. “However, the latest stimulus package and with the vaccine distribution underway, and a very strong demand for homeownership still prevalent, robust growth is forthcoming for 2021.”
The total housing inventory was 1.28 million units, down 9.9% from October and down 22% from one year ago (1.64 million). The median home price was $310,800, up 14.6% from November 2019. This increase marks 105 straight months of year-over-year gains.
Distressed sales represented less than 1% of sales in November, equal to October’s percentage but down from 2% in November 2019.
Read the NAR release.
