November Existing Home Sales Plunge

(The median price for an existing home was $220,300 in November, up 6.3% from the same month last year, while housing inventories at the end of November fell 3.3% from October to 2.04 million.

First-time buyers represented 29% of the existing-home sales market in October and this year. However, the Realtors group also said the annual rate of sales fell in every region of the country in.

November existing home sales, according to the National Association of Realtors, plunged 10.5% from October to November. Note that this metric, as calculated, is the NAR’s "seasonally adjusted.

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November existing home sales, according to the National Association of Realtors, plunged 10.5% from October to November. Note that this metric, as calculated, is the NAR’s "seasonally adjusted.

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A recent article headlined a home sales plunge in November, but as always it pays to look into the numbers in more detail. The National Association of Realtors (NAR) used a more moderate headline in its Existing home sales suffer setback in November report.. So what actually happened in November?

The median existing single-family home price was $255,200, also a 2.9 percent increase. The median condo price gained 2.3 percent to $240,600.Despite slower sales, the housing inventory still declined from 1.74 million existing homes in November to 1.55 million. This is however an improvement from the 1.46 million homes available sale last.

November existing home sales, according to the National Association of Realtors, plunged 10.5% from October to November. Note that this metric, as calculated, is the NAR’s "seasonally adjusted, annualized rate (SAAR)" metric.

The Existing-Home Sales data measures sales and prices of existing single-family homes for the nation overall, and gives breakdowns for the West, Midwest, South, and Northeast regions of the country. These figures include condos and co-ops, in addition to single-family homes.

November existing home sales, according to the National Association of Realtors, plunged 10.5% from October to November. Note that this metric, as calculated, is the NAR’s "seasonally adjusted, annualized rate (SAAR)" metric. The point here is that the plunge in sales can’t be blamed on seasonality or the weather.

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Following several months of nearly apocalyptic housing news, November’s 1.9% rise in existing home sales provides an enormous sense of relief. The consensus estimate had called for a 0.4% drop in.