The National Association of Realtors is reporting that existing home sales were up 1.9% in November to a seasonally-adjusted annual rate of 6.46 million (down 2% from one year ago). However, this figure does denote three consecutive months of increases. Total housing inventory at the end of November was 1.11 million units, down 13.3% from one year ago. Unsold inventory sits at a 2.1-month supply at the current sales pace with properties remaining on the market for around 18 days. As always, low inventory remains an issue.
“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.” Said Lawrence Yun, the NAR’s Chief Economist.