Home Sales Drop

The National Association of Realtors reported today, that existing home sales drop for the 10th month in a row.

In November, existing home sales dropped to a two and a half year low.

Home Sales Drop

Existing home sales plunged 7.7% to a seasonally adjusted annual rate of 4.09 million units last month, the lowest level since May 2020. Plus, home resales which make up a large part of the real estate market, dropped 35.4% on a year-over-year basis in November.

The average 30-year fixed rate home mortgage when above 7% a few months ago, but because of decreasing demand, has since retreated to about 6.31% just last week. Although this sounds favorable, one should keep in mind that even at the 6.31%, this is about double what. 30 year fixed home mortgage rate was just a year ago!

One bright spot in this report was the fact that the median existing-home sales price increased by 3.5% from a year earlier to $370,700 in November.  This price is the highest home price for any November, and is approximately 30% above home prices  pre-pandemic.

In addition, the amount of previously owned homes now on the market was up 2.7% from a year ago. Based on the sales rate in November, it would take approximately 3.3 months to exhaust the current previously owned home Inventory.

Home Sales Drop

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