NAR released a summary of existing-home sales data showing that housing market activity this November fell 1.7%. November’s sales of existing homes increased 2.7% from November 2018. November’s existing-home sales reached a 5.35 million seasonally adjusted annual rate.
The national median existing-home price for all housing types reached $271,300 in November, up 5.4% from a year ago. Home price growth remains strong. This marks the 93nd consecutive month of year-over-year gains.
Regionally, all four regions showed growth in prices from a year ago. The West had the largest gain of 7.1% followed by the Midwest with an increase of 5.9%. The South had an increase of 4.8% and the Northeast had the smallest gain of 3.9% from November 2018.
November’s inventory figures were down 7.3% from last month standing at 1.64 million homes for sale. Compared with October of 2018, inventory levels were down 5.7%. This would mark five straight months of year-over-year declines and the lowest November inventory figure since 1999, when NAR began to track this figure. It will take 3.7 months to move the current level of inventory at the current sales pace. It takes approximately 38 days for a home to go from listing to a contract in the current housing market, down from 42 days a year ago.
From October 2019, two of the four regions showed increases in sales. The Midwest had the biggest gain in sales at 2.3% followed by the Northeast with and increase of 1.4%. The West fell 3.5% followed by the South with the biggest dip of 3.9%.
From a year ago, three of the four regions showed increases in sales while the Northeast declined 1.4%. The West had the biggest gain in sales at 4.8% followed by the South with an increase of 3.7%. The Midwest had the smallest increase of 1.5%.
The South led all regions in percentage of national sales, accounting for 41.9 % of the total, while the Northeast had the smallest share at 13.1%.
In November, single-family sales were down 1.2% and condominiums sales were down 5.1% compared to last month. Single-family home sales were up 3.5% while condominium sales down 3.4% compared to a year ago. Single-family homes had an increase in price up 5.4% at $274,000 and condominiums rose 4.5% at $248,200 from November 2018.