Economy: Existing Home Sales During November 2018

The Existing Home Sales report for November 2018 was released by The National Association of Realtors® (NAR) this morning:

Predicted: 5,190,000
Actual: 5,320,000

Change from Previous Month: +1.9%
Change from One Year Previous: -7.0%

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Inventory: 1,740,000 (3.9 months supply)

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The yellow-highlighted, "actual" figure above represents the preliminary, seasonally adjusted annualized sales count of existing homes, co-ops and condominiums for the indicated month. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

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Median Price for A Used Home During November: $257,700

Change from One Year Previous: +4.2%

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Average Price for A Used Home During November: $296,300

Change from One Year Previous: +2.3%

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Click here for historical prices and a chart.

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From Today's Report:

"...Lawrence Yun, NAR’s chief economist, says two consecutive months of increases is a welcomed sign for the market. 'The market conditions in November were mixed, with good signs of stabilizing home sales compared to recent months, though down significantly from one year ago. Rising inventory is clearly taming home price appreciation.'

The median existing-home price for all housing types in November was $257,700, up 4.2 percent from November 2017 ($247,200). November’s price increase marks the 81st straight month of year-over-year gains.

'A marked shift is occurring in th West region, with much lower sales and very soft price growth,' says Yun. 'It is also the West region where consumers have expressed the weakest sentiment about home buying, largely due to lack of affordable housing inventory.'

Properties typically stayed on the market for 42 days in November, up from 36 days in October and 40 days a year ago. Forty-three percent of homes sold in November were on the market for less than a month.

'It is not surprising to see homes remain on the market a little longer,' said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota and broker at Edina Realty. 'Buyers can often negotiate a more favorable price in those circumstances, especially when paired with a motivated seller and the aid of a Realtor® familiar with their local market.'

'Inventory is plentiful on the upper-end, but a mismatch between supply and demand exists at affordable price points,' Yun added. 'Therefore, facilitating real estate development of affordable housing units in designated Opportunity Zones can provide better housing access in addition to boosting the local economy.'..."