The National Association of Realtors is reporting that existing home sales were down 7.7% in November to a seasonally-adjusted annual rate of 4.09 million (down 35.4% year over year). Total housing inventory at the end of November was 1.14 million units, down 6.6% from October but was up 2.7% from one year ago. Unsold inventory sits at a 3.3-month supply at the current sales rate with properties remaining on the market for around 24 days. The median existing-home price for all housing types in November was $370,700, up 3.5% from one year ago. The NAR pointed out that November marks 129 consecutive months of year-over-year increases – the longest-running streak on record.
“In essence, the residential real estate market was frozen in November, resembling the sales activity seen during the COVID-19 economic lockdowns in 2020…The principal factor was the rapid increase in mortgage rates, which hurt housing affordability and reduced incentives for homeowners to list their homes. Plus, available housing inventory remains near historic lows.” Said the NAR’s Chief Economist, Lawrence Yun.