Sales of existing homes climbed 2.7 percent year-over-year in November, but were down 1.3 percent from last month according to the latest data released Thursday by the National Association of Realtors (NAR).
The median sales price for all existing homes stood at $271300, a 5.4 percent increase year-over-year, as prices climbed in every region. The increase marked the 93rd-straight month of year-over-year gains.
“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,” NAR Chief Economist Lawrence Yun said in a statement.
Inventory declined in November, dropping 7.3 percent month-over-month and 5.7 percent year-over-year. Unsold inventory stood at a 3.7-months supply at the end of November, the fifth-straight month of declines.
“The new-home construction seems to be coming to the market, but we are still not seeing the amount of construction needed to solve the housing shortage,” Yun said. “It is time for builders to be innovative and creative, possibly incorporating more factory-made modules to make houses affordable rather than building homes all on-site.”
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