Existing home sales decrease in November

Existing-home sales fell 7.7% in November to a seasonally adjusted annual rate of 4.09 million, according to the National Association of Realtors (NAR). Sales fell year-over-year, down 35.4% from November 2021. First-time buyers were responsible for 28% of sales in November, which was unchanged from October, but up from 26% in November 2021.

“In essence, the residential real estate market was frozen in November, resembling the sales activity seen during the COVID-19 economic lockdowns in 2020,” said NAR Chief Economist Lawrence Yun. “The principal factor was the rapid increase in mortgage rates, which hurt housing affordability and reduced incentives for homeowners to list their homes. Plus, available housing inventory remains near historic lows.”

The total housing inventory in November was 1.14 million units, down 6.6% from October but up 2.7% from one year ago. The median existing-home price was $370,700, up 3.5% from November 2021 ($358,200), as prices rose in every region. This marks 129 consecutive months of year-over-year gains, the longest-running streak on record.

Distressed sales—foreclosures and short sales—represented 2% of sales in November, virtually unchanged from last month and one year ago.

Read the NAR release.