NAR released a summary of existing-home sales data showing that housing market activity this November decreased 2.5% from October 2020. November’s existing-home sales reached a 6.69 million seasonally-adjusted annual rate. November’s sales of existing homes rose 25.8% from November 2019.
The national median existing-home price for all housing types rose to $310,800 in November, up 14.6 % percent from a year ago. Home prices have continued to escalate, and this marks the 105th consecutive month of year-over-year gains.
Regionally, all four regions showed double-digit price growth from a year ago. The Northeast had the largest gain of 17.4% followed by the South with an incline of 15.0%. The Midwest showed an increase of 14.6% and the West had the smallest price gain of 13.8% from November 2019.
November’s inventory figures fell 9.9% from last month standing at 1.28 million homes for sale. Compared with November of 2019, inventory levels dropped 22.0%. This would mark 18 straight months of year-over-year declines. It will take 2.3 months to move the current level of inventory at the current sales pace.
It takes approximately 21 days for a home to go from listing to a contract in the current housing market. A year ago, it took 38 days.
From October 2020, three of the four regions had declines in sales, while the West was flat. The Northeast fell 2.2% followed by the Midwest with a dip of 2.5%. The South had had the biggest decline of 3.8%.
From a year ago, all four regions showed double-digit inclines in sales. The West region had the largest gain of 27.3%. The South had an increase in sales of 25.9% followed by the Northeast with a rise of 25.7%. The Midwest had the smallest gain of 24.2%.
The South led all regions in percentage of national sales, accounting for 42.2% of the total, while the Northeast had the smallest share at 13.2%.
In November, single-family sales were down 2.4% and condominiums sales were down 2.7% compared to last month. Single-family home sales were up 25.6% while condominium sales were up 26.8% compared to a year ago. Single-family homes had an increase in price up 15.1% at $315,500 and condominiums rose 9.5% at $271,400 from November 2019.