The National Association of Realtors (NAR) reported this morning that existing-home sales declined for the 10th straight month in November.
Total existing-home sales fell 7.7% from October to a seasonally adjusted annual rate of 4.09 million in November. The latest report includes completed transactions that include single-family homes, townhomes, condominiums and co-ops.
Year-over-year, sales plummeted by 35.4% from a rate of 6.33 million in November 2021.
“In essence, the residential real estate market was frozen in November, resembling the sales activity seen during the COVID-19 economic lockdowns in 2020,” said NAR Chief Economist Lawrence Yun. “The principal factor was the rapid increase in mortgage rates, which hurt housing affordability and reduced incentives for homeowners to list their homes. Plus, available housing inventory remains near historic lows.”
Existing single-family home sales declined to a seasonally adjusted annual rate of 3.65 million in November, down 7.6% from 3.95 million in October and 35.2% from one year ago.
The median existing single-family home price was $376,700 in November, up 3.2% from November 2021.
The median existing-home price for all housing types in November was $370,700, an increase of 3.5% from November 2021 ($358,200), as prices rose in all regions. This marks 129 consecutive months of year-over-year increases, the longest-running streak on record.
Total housing inventoryregistered at the end of November was 1.14 million units, which was down 6.6% from October, but up 2.7% from one year ago (1.11 million). Unsold inventory sits at a 3.3-month supply at the current sales pace, which was identical to October, but up from 2.1 months in November 2021.