According to a release from The National Association of Realtors (NAR) existing homes sales have displayed some ranging activity for the four major regions of the United States. For the month of November both the Northeast and Midwest saw some growth in sales while the South and West saw some declines.
The total number of sales of single families, townhomes, condos and coops had gone down overall regardless of some regional gains by 1.7% from the month before. Although sales were down from October, they were up by 2.7% over last year at this same time.
Lawrence Yun, NAR’s chief economist, said the decline in sales for November is not a cause for worry. “Sales will be choppy when inventory levels are low, but the economy is otherwise performing very well with more than 2 million job gains in the past year,” said Yun.
The number of available homes was down from both the month before as well as last year. Specifically, inventory was 7.3% lower from the month before and 5.7% lower than the same time in the previous year according to NAR. Inventory now remains at a 3.7 month supply at the current pace of sales.
The trend now for the 93rd month in a row is that home prices are still on the rise. The median home price for all housing styles was up by 5.4%.
Number of Days on Market
Homes stayed on the market on average for 38 days in November which was an increase by 2 days over October. This was lower than the 42 days that we saw in November of 2018. Approximately 45% of the homes sold in November were on the market for less than one month.
Rates of Mortgages
Freddie Mac has shared that the average rate for a commitment on a 30 year fixed loan was 3.70% in November which was up from 3.69% in October.