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

 
Published
Dec 19, 2019
Guild Mortgage Acquires Cherry Creek Mortgage

Terms of purchase not disclosed; reverse mortgage volume added to Guild.

Mar 14, 2023
Vigilance, Dedication, And Commitment Forge Legends

Submit a nomination for Mortgage Banker Magazine’s Legends of Lending.

Mar 10, 2023
FTC Moves To Block Black Knight, ICE Merger

Says it 'would drive up costs, reduce innovation, and reduce lenders’ choices.'

Mar 09, 2023
Rocket Arms Brokers With Bully Shield Vs. UWM

Rocket covers penalties and court fees for brokers who want to get out of United Wholesale Mortgage’s ultimatum contract. 

Feb 06, 2023
Top Texas Originator Sees No Surrender To 2023

Big cities will determine the battle

Jan 26, 2023
There’s Good & Bad News On The Horizon

There will be a real estate slump, but the big cities are coming out much better

Jan 26, 2023