Total existing-home sales, released by the National Association of Realtors, increased 1.9% from October to a seasonally adjusted rate of 5.32 million in November. Despite the monthly rise, sales decreased 7.0% from a year ago in November, the biggest drop since May 2011, indicating the housing market continued to sputter due to the rising mortgage rate and tight inventory. Total existing-home sales include single-family homes, townhomes, condominiums and co-ops.
Meanwhile, the first-time buyer share slightly rose to 33% from 31% last month and 29% a year ago. The November inventory decreased to 1.74 million units from 1.85 million units in October, but was up from 1.67 million units compared to a year ago. At the current sales rate, the November unsold inventory represents a 3.9-month supply, down from a 4.3-month supply last month and up from a 3.5-month supply a year ago.
Homes stayed on the market for 42 days in November, up from 36 days in October and 40 days a year ago. In November, 43% of homes sold were on the market for less than a month.
The November all-cash sales share was 21%, down from 22% a year ago.
The November median sales price of $257,700 was up 4.2% from a year ago, representing the 81th consecutive month of year-over-year increases. The November median condominium/co-op price of $236,400 was down 1.3% from a year ago.
Regionally, while existing-home sales grew 5.5% in the Midwest, 7.2% in the Northeast, 2.3% in the South, sales in the West fell 6.3% in November compared to the previous month. Sales in the West recorded its second lowest reading since December 2010. Year-over-year, sales declined in all four regions, ranging from 2.6% in the Northeast to 15.4% in the West.
The NAR described the two consecutive months of increases is a positive sign for the market. Though builder confidence in December fell to its lowest value since May 2015 due to the rising housing affordabilityconcerns, builder sentiment remains in positive territory.