Existing-home sales, recording a seasonally adjusted annual rate of 6.46 million in November, bumped down 2.0% compared to last year, according to the latest data from the National Association of REALTORS® (NAR). But while inventory continues to drop and prices tick higher, a monthly increase of 1.9% in sales over October show buyers are still determined to purchase homes.
Single-family home sales increased to a seasonally adjusted annual rate of 5.75 million in November, up 1.6% from 5.66 million in October and down 2.2% YoY.
Existing condo and co-op sales posted a seasonally adjusted annual rate of 710,000 units in November, up 3.3% from 660,000 in October and equal to the same time last year.
By Region:
Regionally, all areas except the south posted year-over-year-declines, with the Northeast seeing the largest downward trend.
Midwest
Existing-Home Sales: 1.52 million (-0.7% YoY)
Median Price: $260,100 (+9.0% YoY)
Northeast
Existing-Home Sales: 760,000 (-11.6% YoY)
Median Price: $372,500 (+4.7% YoY)
South
Existing-Home Sales: 2.85 million (+1.1% YoY)
Median Price: $318,900 (+18.4% YoY)
West
Existing-Home Sales: 1.33 million (-3.6% YoY)
Median Price: $507,200 (+8.4% YoY)
What it means:
“Determined buyers were able to land housing before mortgage rates rise further in the coming months. Locking in a constant and firm mortgage payment motivated many consumers who grew weary of escalating rents over the last year. Supply-chain disruptions for building new homes and labor shortages have hindered bringing more inventory to the market. Therefore, housing prices continue to march higher due to the near record-low supply levels.”
— Lawrence Yun, NAR Chief Economist
“As the year comes to an end, NAR is very proud of the work we’ve done to protect homeownership and the valuable investments made in our communities and infrastructure. We recognize that further efforts are needed and will continue to promote Fair Housing, work to increase the housing shortage, and fight to dismantle discriminatory housing laws and outdated policies.”
— Leslie Rouda Smith, NAR President
