November Existing Home Sales Plunge

November Existing Home Sales Plunge

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.

NAR said existing home sales plummeted by 6.4 percent to an annual rate of 4.99 million in December after jumping by 2.1 percent to a revised rate of 5.33 million in November. Economists had expected existing home sales to slump by 1.3 percent to a rate of 5.25 million from the 5.32 million originally reported for the previous month.

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.

 · Existing home sales have been solid but havenât been accelerating, basically holding at a mid-to-low 5 million unit annual rate for the last year. In one sign of strength, single-home sales have been accelerating relative to condo sales which hints at strength for household wealth.. The sudden plunge in November sales (released.

After rising 7.6% in April, existing-home sales fell 2.2% in May and 7.1% in June. "The July plunge in resales is absolutely the hangover effect from the expiration of the tax credit," economist.

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 · But existing launches saw good pick-up three months after the July 6 cooling measures kicked in, analysts say. Read more at New private home sales plunge by.

And no, that was not a seasonal effect. Existing home sales declined 6.4% MoM in December, the largest decline since November 2015. And on a YoY basis, existing home sales plunge 10.25%. US existing homes are very expensive compared to household income and the surge in mortgage rates during 2018 made housing ever less affordable..

 · US Existing Home Sales Plunge To Three-Year Low In December. The unsold inventory represents 3.7 months of supply at the current sales pace, down from 3.9 months in November.

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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.

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