Existing Home Sales Slows by 2.5% in November, but Remains Higher than Prior Year

U.S. existing-home sales fell to a seasonally adjusted annual rate of 6.69 million, down 2.5% from October, according to the National Association of Realtors press release. November’s existing home sales were 25.8% higher than last year but slightly below forecasted 6.7 million.

• The median existing-home price was $310,800, up 14.6% from November 2019, the fourth straight month of double-digit increases..
• Total housing inventory fell by 9.9% from October and 22% year over year to record lows of 1.28 million, enough to last 2.3 months at the current sales pace. 
• Single-family home sales rose at an annual rate of 5.98 million in November, down 2.4% from 6.13% in October and up 25.6% from one year ago.
• The positive momentum in home sales is expected to continue into the new year, given the low mortgage rates and remote-work flexibilities.
• Attention now shifts to the new fiscal stimulus, approved by Congress on Monday which could raise household incomes and increase home sales