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IPFS News Link • Housing

Existing Home Sales Decline 10th Month, Down Another 7.7 Percent

• by Mish

Existing home sales from the National Association of Realtors via St. Louis Fed

Frozen Market

The National Association of Realtors (NAR) reports Existing-Home Sales Slumped 7.7% in November

"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."

Key Points 

Existing-home sales fell for the tenth consecutive month to a seasonally adjusted annual rate of 4.09 million. Sales slipped 7.7% from October and 35.4% from the previous year.

The median existing-home sales price rose to $370,700, an increase of 3.5% from one year ago.