Existing-home sales increased 1.9 percent, the second consecutive monthly increase, to a seasonally adjusted annual rate of 5.32 million in November, according to the National Association of Realtors (NAR). This followed a 1.4 percent increase in October. Sales are 7.0 percent below the November 2017 level.
Lawrence Yun, NAR chief economist, says two consecutive months of increases is a welcomed sign for the market. “The market conditions in November were mixed, with good signs of stabilizing home sales compared to recent months, though down significantly from one year ago. Rising inventory is clearly taming home price appreciation.”
The total housing inventory declined to 1.74 million homes available for sale but is up from 1.67 million a year ago. The median existing home price was $257,700, up 4.2 percent from November 2017 ($247,200). This marks the 81st straight month of year-over-year gains.
Distressed sales were 2.0 percent of the total, down from 3 percent last month and down from 4 percent a year ago.
Read the NAR release.
