Existing-home sales in the United States grew by 0.8% month on month in November to a seasonally adjusted annual rate of 3.82 million, ending a five-month decrease, the National Association of Realtors (NAR) said in a report released on Wednesday. On a yearly basis, the sales plunged by 7.3%.
The median existing-home price for all housing types grew by 4% annually to $387,600 in the reported month. Total housing inventory at the end of November stood at 1.13 million units, falling 1.7% from October but rising 0.9% year-on-year.
"The latest weakness in existing home sales still reflects the buyer bidding process in most of October when mortgage rates were at a two-decade high before the actual closings in November," said NAR Chief Economist Lawrence Yun. "A marked turn can be expected as mortgage rates have plunged in recent weeks."
