U.S. existing home sales ticked up 0.5% from the previous month to a seasonally adjusted annual rate of 4.13 million, marking the third consecutive monthly increase, according to the National Association of REALTORS® (NAR). However, sales were down 1.0% from the same period last year. Regionally, sales rose month-over-month in the Northeast and South, were unchanged in the West, and declined in the Midwest. On a year-over-year basis, sales were flat in the Northeast and South and fell in both the Midwest and West.
New Listings decreased 23.5 percent for Single Family homes and 28.2 percent for Townhouse-Condo homes. Pending Sales decreased 39.7 percent for Single Family homes and 53.7 percent for Townhouse-Condo homes. Inventory decreased 20.1 percent for Single Family homes but increased 4.7 percent for Townhouse-Condo homes. Median Sales Price decreased 4.3 percent to $1,100,000 for Single Family homes and remained flat for Townhouse-Condo homes. Days on Market increased 15.2 percent for Single Family homes and 30.6 percent for Townhouse-Condo homes. Months Supply of Inventory decreased 19.0 percent for Single Family homes but increased 13.0 percent for Townhouse-Condo homes.
The national median existing-home price continued to climb, rising 1.2% from a year ago to $409,200, according to NAR. This year-over-year increase—the 29th consecutive monthly gain—reflects ongoing tightness in housing supply. At the end of November, there were 1.43 million units for sale, down 5.9% from the previous month but up 7.5% from the same time last year, representing a 4.2-month supply at the current sales pace.
