Existing home sales fell 2.5% in November to a seasonally adjusted annual rate of 6.69 million, the National Association of Realtors reports.
Compared with November 2019, existing home sales are up 25.8%.
“Home sales in November took a marginal step back, but sales for all of 2020 are already on pace to surpass last year’s levels,” NAR Chief Economist Lawrence Yun stated. “Given the COVID-19 pandemic, it’s amazing that the housing sector is outperforming expectations.”
Regionally, existing home sales fell 2.2% in the Northeast, 2.5% in the Midwest, 3.8% in the South and remained unchanged in the West. Compared with the same period last year, existing home sales are up by double digits in every region.
November housing inventory declined 9.9% from October and 22% from November 2019.
The median existing home price surged 14.6% year-over-year to $310,800.
The full November existing housing sales report can be found here.
