Existing-Home Sales Down 1.7% in November
The National Association of Realtors is reporting that existing home sales were down 1.7% in November, however both the Northeast and Midwest regions both reported growth. The median existing-home price for all housing types was $ 271,300, up 6.2% from November, 2018 – marking 93 straight months of year-over-year gains. Total inventory at the end of November was 1.64 million units, down approximately 7.3% from October and down 5.7% from one year ago. Total unsold inventory was at a 3.7-month supply at the current sales pace. Properties remained on the market for around 38 days in November.
Lawrence Yun, NAR’s chief economist, said the decline in sales for November is not a cause for worry. “Sales will be choppy when inventory levels are low, but the economy is otherwise performing very well with more than 2 million job gains in the past year,” said Yun.