Sales Of Existing-Homes Continues to Slow
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Data today from the National Association of Realtors showed that existing-home sales continued to weaken, dropping 8.6% to a seasonally adjusted annual rate 4.49 million units in November from a downwardly revised level of 4.91 million in October.
Existing-home sales are 10.6% below the 5.02 million-unit pace in November 2007.
Total housing inventory at the end of November rose 0.1 percent to 4.20 million existing homes available for sale, which represents an 11.2-month supply(2) at the current sales pace, up from a 10.3-month supply in October.
The national median existing-home price for all housing types was $181,300 in November, down 13.2 percent from November 2007 when the median was $208,800.
Lawrence Yun, NAR chief economist, expected a decline. "The quickly deteriorating conditions in the job market, stock market, and consumer confidence in October and November have knocked down home sales to another level. We hope the home sales impact from the stock market crash turns out to be short-lived, as was the case in 1987 and 2001."
Existing-home sales are 10.6% below the 5.02 million-unit pace in November 2007.
Total housing inventory at the end of November rose 0.1 percent to 4.20 million existing homes available for sale, which represents an 11.2-month supply(2) at the current sales pace, up from a 10.3-month supply in October.
The national median existing-home price for all housing types was $181,300 in November, down 13.2 percent from November 2007 when the median was $208,800.
Lawrence Yun, NAR chief economist, expected a decline. "The quickly deteriorating conditions in the job market, stock market, and consumer confidence in October and November have knocked down home sales to another level. We hope the home sales impact from the stock market crash turns out to be short-lived, as was the case in 1987 and 2001."
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