Existing-Home Sales Down 2.5% in November – Real Estate Investing Today
The National Association of Realtors is reporting that existing home sales dropped 2.5% in November to a seasonally-adjusted annual rate of 6.69 million (up 25.8% from one year ago). Total housing inventory at the end of November was 1.28 million units, down 9.9% from October and down 22% from one year ago. Unsold inventory sits at an all-time low 2.3-month supply at the current sales pace with properties remaining on the market for around 21 days. The median existing-home price for all housing types was $310,800, up 14.6% from November, 2019.
“Home sales in November took a marginal step back, but sales for all of 2020 are already on pace to surpass last year’s levels,” said Lawrence Yun, NAR’s chief economist. “Given the COVID-19 pandemic, it’s amazing that the housing sector is outperforming expectations.”