US Existing Home Sales Fell in November

US home sales fell more than expected last month after five straight months of gains because of a shortage of properties and more expensive houses. However, the housing market remains underpinned by record-low mortgage rates.

US home sales fell more than expected last month after five straight months of gains because of a shortage of properties and more expensive houses. However, the housing market remains underpinned by record-low mortgage rates.

According to a National Association of Realtors Tuesday report, existing home sales fell 2.5 percent to a seasonally adjusted annual rate of 6.69 million units in November. Existing home sales, which account for the bulk of US home sales, surged 25.8 percent on a year-on-year basis last month.

The report also pointed out that there were 1.28 million previously owned homes on the market in November, representing a record low and down 22 percent from the year 2019. Sales fell in the South, Midwest and Northeast, while they were flat in the West.

The median existing house price jumped 14.6 percent from a year ago to $310,800 in November. Moreover, sales were concentrated in upper prices segment of the market.


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