Existing Home Sales Down Month-Over-Month and Year-Over-Year in November

The National Association of Realtors® (NAR) reported on Wednesday (12-21-22) that total existing home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—recorded a 7.7% decline in November to a seasonally adjusted rate at 4.09 million homes. The drop marks the tenth consecutive month of declines. Year-over-year, sales are down 35.4% (6.33 million November 2021).

At the end of November, total housing inventory registered was 1.14 million units, down 6.6% month-over-month but up 2.7% (1.11 million) year-over-year. Unsold inventory sits at a 3.3-month supply at the current sales pace, unchanged from October 2022 but up from 2.1 months in November 2021.

The median existing home price for all housing types in November was $370,700, which represents a 3.5% increase from November 2021 ($358,200). Prices increased in all regions. This marks 129 consecutive months of year-over-year increases—the longest-running streak on record.

In November, properties typically remained on the market for 24 days, up from 21 days in October, 19 days in September, and 16 days in August. Sixty-one percent of homes sold in November 2022 were on the market for less than a month.