Existing-home sales increased by 0.5% in November, according to the National Association of Realtors. Month-over-month sales increased in the Northeast and South, showed no change in the West and fell in the Midwest. Year-over-year, however, existing-home sales dropped 1.0%, with the median price increasing 1.2% to $409,200.
Existing-home sales increased for the third straight month, thanks mostly to lower mortgage rates this fall, according to NAR Chief Economist Lawrence Yun. “However,” he noted, “inventory growth is beginning to stall. With distressed property sales at historic lows and housing wealth at an all-time high, homeowners are in no rush to list their properties during the winter months.”
Future affordability could be hampered if the housing supply fails to keep pace with demand, Yun added.
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