Market Updates
Existing Home Sales Declined 7.7% In November
Brian Turner
21 Dec, 2022
New York City
Existing home sales annual pace in November declined 7.7% to 4.09 million units from October, the National Association of Realtors reported Wednesday.
Sales plunged 35.4% from a year ago and weakest since November 2010.
Despite the weak sales median home sales price continued to advance, but at a slower pace.
Median home price rose 3.5% from a year ago to 370,700.
The inventory of unsold homes declined for the fourth month in a row to 1.14 million at the end of November or equivalent to 3.3 months of supply at the current pace of sales.
Home inventories decreased 6.6% from October but rose 2.7% from a year ago.
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