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The National Association of Realtors is reporting that existing home sales were up 4.8% in November to a seasonally-adjusted annual rate of 4,15 million – up 6.1% year over year and the largest year-over-year gain since June 2021. Total housing inventory at the end of November was 1.33 million units, down 2.9% from October and up 17.7% from one year ago. Unsold inventory sits at a 3.8-month supply at the current sales rate with properties remaining on the market for around 32 days. The median existing-home price for all housing types in November was $406,100.
“Home sales momentum is building…More buyers have entered the market as the economy continues to add jobs, housing inventory grows compared to a year ago, and consumers get used to a new normal of mortgage rates between 6% and 7%.” Said the NAR’s Chief Economist Lawrence Yun.
Click here to read the full report at the National Association of Realtors.
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