Sales of existing homes increased 1.6% in November to a seasonally adjusted annual rate of 6.46 million, the National Association of Realtors reported.
Compared with November 2020, existing home sales declined 2.0%.
Total housing inventory in November dropped 9.8% from October to 1.11 million, and declined 13.3% compared with November 2020.
The median existing home price surged 13.9% year-over-year to $353,900.
Regionally, compared with October, existing home sales grew 0.7% in the Midwest, 2.9% in the South, 2.3% in the West and remained unchanged in the Northeast. Year-over-year, only the South recorded an increase in sales with a 1.1% jump.
The full NAR report can be found here.
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