Sales of previously owned homes in November grew by 1.9% from October to 6.646 million units.
- Sales were 2.0% lower than November 2020, reflecting home closings for contracts likely signed in September and October.
- Regionally, the month-on-month sales in the Northeast remained the same. In Midwest, the sales increased by 0.7% and in the South, they increased by 2.9%. In the West, sales rose by 2.3%.
- Lawrence Yun NAR’s chief economist stated that sales will likely expand due to the rebounding job market and issues among possible buyers that mortgage rates will likely be higher next year.
- There were 1.11 million homes for sales at the close of November, a decrease of 13% year over year. At the current sales rate that indicates a 2.1-month supply.
- The tight supply continued to put upward pressure on home prices. The average price of an existing home sold in November was $353.900.
Sales were improved in the more expensive categories, with homes selling between $750,000 and $1 million growing 37% YщY and those priced over $1 million expanding 50%.
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Source: National Association of Realtors