Nationwide existing-home sales grew in November, breaking a streak of five consecutive monthly declines, according to the National Association of Realtors (NAR). Among the four major U.S. regions, sales climbed in the Midwest and South but receded in the Northeast and West. All four regions experienced year-over-year sales decreases.
Total existing home sales — completed transactions that include single-family homes, townhomes, condominiums and co-ops — rose 0.8 percent from October to a seasonally adjusted annual rate of 3.82 million in November. Year-over-year, sales fell 7.3 percent (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 Lawrence Yun, NAR chief economist. “A marked turn can be expected as mortgage rates have plunged in recent weeks.”
Total housing inventory registered at the end of November was 1.13 million units, down 1.7 percent from October but up 0.9 percent from one year ago (1.12 million).
The median existing-home price for all housing types in November was $387,600, an increase of 4 percent from November 2022 ($372,700).