Skip to main content

NAR: Existing Home Sales Dropped in November

Phil Hall
Dec 19, 2019
The 17th century property that reportedly inspired Emily Brontë's literary masterpiece Wuthering Heights has been listed for sale for $1.6 million

Total existing home sales in November totaled a seasonally-adjusted annual rate of 5.35 million in November, according to new data from the National Association of Realtors (NAR). This is down 1.7 percent from October but up 2.7 percent from November 2018.
The median existing-home price for all housing types last month was $271,300, up 5.4 percent from the $257,400 from one year ago. November’s price increase marks 93 straight months of year-over-year gains. Total housing inventory at the end of November totaled 1.64 million units, down by approximately 7.3 percent from October and down by 5.7 percent from one year ago. Unsold inventory sits at a 3.7-month supply at the current sales pace, and November was the fifth consecutive month of a shrinking inventory.
NAR also noted that last month saw a 16 percent year-over-year decline in homes priced below $100,000 and a 4 percent year-over-year drop reduction for homes priced from $100,000 to below $250,000.
“Sales will be choppy when inventory levels are low, but the economy is otherwise performing very well with more than two million job gains in the past year,” said NAR Chief Economist Lawrence Yun.
Mortgage Bankers Association (MBA) SVP and Chief Economist Mike Fratantoni said: "Existing-home sales dipped in November, as housing supply declined even further to 3.7 months at the current sales pace. MBA’s mortgage applications data show that demand is still strong, given the healthy job market and low mortgage rates. The lack of supply continues to be the constraint slowing prospective buyers. The news this week that builders are picking up the pace of new construction is quite positive. More inventory is needed to meet the underlying demand for buying a home.”
Total existing home sales in November totaled a seasonally-adjusted annual rate of 5.35 million in November

Dec 19, 2019
400 Mortgage Loan Originators Caught Trying To Skip School

400 mortgage loan originators nationwide deceptively claimed to have completed their annual continuing education as required by state and federal law.

Industry News
Jan 19, 2022
Infamous CEO Is Back And Employees Are Upset

After a month-long hiatus or “break” as Garg likes to call it, the CEO is back at the helm of the company.

Industry News
Jan 19, 2022
Capacity Closes $38M In Series C Funding, Surpasses $62M In Total Capital Raised

AI-powered automation platform, Capacity, announced an additional $27 million in Series C funding, closing out the round at more than $38 million.

Jan 19, 2022
Millennials Are Still Powering The Housing Market

First American Financial Corporation's Potential Home Sales Model for Dec. 2021 revealed that millennial demand is propelling the housing market, thanks to low rates and increased geographic flexibility.

Analysis and Data
Jan 19, 2022
Open Mortgage Adds A Chief Revenue Officer

Scott Harkless will spearhead all wholesale and retail sales functions for the national multi-channel mortgage lender.

Industry News
Jan 19, 2022
Home Builder Confidence Dips Due To Inflation And Supply Chain Concerns

Home builder confidence in the market for newly built, single-family homes fell by one point to 83 in January 2022, according to the National Association of Home Builders and Wells Fargo's Housing Market Index report.

Jan 18, 2022