Existing Home Sales Rose 1.9% in November
Washington, DC, December 19, 2018-November’s total existing-home sales increased 1.9% from October to a seasonally adjusted rate of 5.32 million in November, according to the National Association of Realtors.
Sales are now down 7.0% from a year ago (5.72 million in November 2017).
Lawrence Yun, NAR’s chief economist, says two consecutive months of increases is a welcomed sign for the market. “The market conditions in November were mixed, with good signs of stabilizing home sales compared to recent months, though down significantly from one year ago. Rising inventory is clearly taming home price appreciation.”
The median existing-home price for all housing types in November was $257,700, up 4.2% from November 2017 ($247,200). November’s price increase marks the 81st straight month of year-over-year gains.