NAR released a summary of existing home sales data showing that overall existing home sales fell by 4.3 percent from October to November 2013, and are 1.2% percent lower than November 2012. This was the third straight month of declines; all regions observed a decrease in sales from October.
The national median existing-home price for all housing types was $196,300 in November, up 9.4 percent from November 2012. All regions showed growth in prices, but the Midwest and South regions are showing the most deceleration in price growth.
November’s inventory figures fell slightly from October, but are up 5.0% from a year ago. Months’ supply is up slightly in all regions, but the West is dealing with the most pressure on inventory.
Though sales were down again this month, there is still a projection of sales above 5 million, which would be the strongest sales figure since 2007.