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- NAR released a summary of existing home sales data showing that November’s existing home sales dipped from last month to the weakest sales pace in the last six months. November’s sales declined 6.1% from October but were slightly up, by 2.1% from a year ago in November 2013.
- The national median existing-home price for all housing types was $205,300 in November, up 5.0% percent from November 2013.
- Regionally, all four regions showed growth in prices, and the Midwest had the biggest gain of 7.0% from last year 2013. All regions showed a decrease in sales from last month, the Northeast and South were the only regions to have increases from a year ago.
- November’s inventory figures increased by 2.0% from a year ago and it will take 5.1 months to move the current level of inventory. It takes approximately 65 days for a home to go from listing to a contract in the current housing market, slower than last year at 56 days.
- Single family homes and condos both declined in sales from last month. Only single family homes had an increase from a year ago, while condo sales remained the same. Both single family homes and condos had an increase in price with single family homes up 5.6% and condos up 1.2 % from a year ago November 2013.
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