Existing-home sales rose by 0.8% in November to a seasonally adjusted annual rate of 3.82 million, ending five consecutive months of decline, according to the National Association of Realtors. The rate was down 7.3% from November 2022.
Sales were up 1.1% in the Midwest and 4.7% in the South but declined 1.2% in the Northeast and 7.2% in the West.
“The latest weakness in existing home sales still reflects the buyer bidding process in most of October when mortgage rates were at a two-decade high before the actual closings in November,” said NAR Chief Economist Lawrence Yun. “A marked turn can be expected as mortgage rates have plunged in recent weeks.”
The median existing-home sales price was $387,600—4.0% higher than in November 2022. It was the fifth consecutive month of year-over-year price increases.
The inventory of unsold existing homes was down 1.7% from October. The inventory of 1.13 million at the end of November is the equivalent of 3.5 months’ supply at the current monthly sales pace.
