Existing-home sales rose 0.8% in November to a seasonally adjusted annual rate of 3.82 million, according to the National Association of Realtors (NAR). Sales dropped 7.3% year-over-year, down from 4.12 million in November 2022.
“The latest weakness in existing home sales still reflects the buyer bidding process in most of October when mortgage rates were at a two-decade high before the actual closings in November,” said NAR Chief Economist Lawrence Yun. “A marked turn can be expected as mortgage rates have plunged in recent weeks.”
Total housing inventory was down 1.7% in November to 1.13 million units but up 0.9% from one year ago (1.12 million). Unsold inventory sits at a 3.5-month supply at the current sales pace, down from 3.6 months in October but up from 3.3 months in November 2022.
The median existing-home price for all housing types in November was $387,600, an increase of 4.0% from November 2022 ($372,700). All four U.S. regions posted price increases.
Distressed sales – foreclosures and short sales – represented 1% of sales in November, virtually unchanged from last month and the previous year.
Read the NAR release.
