Existing home sales inched up in November, breaking a five-month streak of consecutive declines, according to the National Association of Realtors (NAR).
Total existing home sales rose by 0.8% from October to a seasonally adjusted annual rate of 3.82 million in November. However, the year-over-year sales total dropped by 7.3% from 4.12 million in November 2022.
The median existing-home price for all housing types in November was $387,600, up by 4% from $373,700 in November 2022. The total housing inventory at the end of November was 1.13 million units, down 1.7% from October but up 0.9% from one year ago (1.12 million). The unsold inventory was at a 3.5-month supply under the current sales pace, down from 3.6 months in October but up from 3.3 months in November 2022.
First-time buyers were responsible for 31% of sales in November while individual investors or second home buyers accounted for 18% of the month’s transactions. All-cash sales accounted for 27% of purchases and distressed sales represented 1% of the deals.
“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.”
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