Last Update: 19-Dec-18 10:23 ET
Existing Home Sales
- Existing home sales increased 1.9% month-over-month in November
to a seasonally adjusted annual rate of 5.32 million (Briefing.com consensus 5.20
- Total sales were 7.0% lower than the same period a year ago.
- The median existing home price for all housing
types increased 4.2% year-over-year to $257,700, representing the 81st
consecutive month of year-over-year gains. The median existing single-family
home price was $260,500, up 5.0% year-over-year.
- Median home prices by region: Northeast (+6.5%
to $291,400); Midwest (+2.6% to $199,100); South (+3.2% to $223,600); and West
(+1.8% to $380,600)
- Existing home sales across regions: Northeast
(+7.2%); Midwest (+5.5%); South (+2.3%); and West (-6.3%)
- Single-family home sales were up 2.0%
month-over-month at a seasonally adjusted annual rate of 4.71 million, but 6.7%
below the year-ago sales pace
- The inventory of homes for sale at the end of
November decreased to 1.74 million from 1.85 million. The inventory was up 4.2%
from a year ago.
- Unsold inventory stood at a 3.9-months supply
versus 4.3 months in October. This is below the 6.0-months supply typically
associated with a more balanced market.
- 43% of homes sold in November were on the market
for less than a month.
- First-time buyers accounted for 33% of sales in
November, up from 31% in October and 29% one year ago.
- All-cash sales made up 21% of transactions in
November, down from 23% in October and 22% one year ago.
- The key takeaway from the report is that while sales have
now increased for two consecutive months, the trajectory remains challenged by higher
mortgage rates and limited affordability.
|Existing Home Sales
|Median Price Y/Y