Sales of existing homes in the US reached an annual rate of 6.46 million in November, up 1.9% from October. SPY is up +0.29%, DXY is down 0.26%.
- The increase in existing home sales happened even as housing prices reached $353,900 in November, an increase of 13.9% from the prior year.
- House prices rose in all regions, with the South posting the highest increase. The increase in prices happened for the 117th straight month, the longest streak ever.
- House inventory in November was 1.11 million units, a decrease of 9.8% from October and 13.3% below last year. Unsold inventory is now at a 2.1-month supply at the existing sales pace.
- NAR’s chief economist Lawrence Yun attributes the rise in house prices to supply-chain constraints which have led to near record-low supply of new units to the market.
- Yun projects the rate of price inflation for existing homes to go down next year, with the pace of gains expected at 5.7%.
- US house sales are now 2.0% below last year when it was recorded at 6.59 million.