Existing home sales declined 7.7% in November to a seasonally adjusted rate of 4.09 million, according to the National Association of Realtors. Year-over-year, existing home sales were down 35.4%.
“In essence, the residential real estate market was frozen in November, resembling the sales activity seen during the COVID-19 economic lockdowns in 2020,” NAR Chief Economist Lawrence Yun said in a statement. “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.”
The median existing home price in November jumped 3.5% year-over-year to $370,700.
Regionally, existing home sales fell 7.0% in the Northeast, 5.6% in the Midwest, 7.1% in the South and 12.5% in the West.
The full NAR report can be found here.
