Market Updates
Existing Home Sales Expand After Five Months of Slide
Brian Turner
20 Dec, 2023
New York City
Existing home sales rose in November after declining for five months in a row, the National Association of Realtors said Wednesday.
Sales increased from the previous month in the Midwest and in the South but declined in the West and in the Northeast, but sales declined in all four regions from a year ago.
Existing home sales increased by 0.8% from the previous month in November but decreased by 7.3% from a year ago.
"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 NAR Chief Economist Lawrence Yun.
"A marked turn can be expected as mortgage rates have plunged in recent weeks," Yun added.
The median existing-home sales price advanced 4.0% from November 2022 to $387,600, the fifth consecutive month of annual price increases.
"Home prices keep marching higher," Yun added. "Only a dramatic rise in supply will dampen price appreciation."
The inventory of unsold existing homes decreased 1.7% from the previous month to 1.13 million at the end of November, or the equivalent of 3.5 months' supply at the current monthly sales pace.
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