RSS Feed by Calculated Risk on 12/20/2023 10:00:00 AM
Wednesday, December 20, 2023
NAR: Existing-Home Sales Increased to 3.82 million SAAR in November
From the NAR: Existing-Home Sales Expanded 0.8% in November, Ending Five-Month Slide
Existing-home sales grew in November, breaking a streak of five consecutive monthly declines, according to the National Association of REALTORS®. Among the four major U.S. regions, sales climbed in the Midwest and South but receded in the Northeast and West. All four regions experienced year-over-year sales decreases.
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – elevated 0.8% from October to a seasonally adjusted annual rate of 3.82 million in November. Year-over-year, sales fell 7.3% (down from 4.12 million in November 2022).
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Total housing inventory registered at the end of November was 1.13 million units, down 1.7% from October but up 0.9% from one year ago (1.12 million). Unsold inventory sits at a 3.5-month supply at the current sales pace, down from 3.6 months in October but up from 3.3 months in November 2022.
emphasis added
Click on graph for larger image.This graph shows existing home sales, on a Seasonally Adjusted Annual Rate (SAAR) basis since 1994.
Sales in November (3.82 million SAAR) were up 0.8% from the previous month and were 7.3% below the November 2022 sales rate.
The second graph shows nationwide inventory for existing homes.
According to the NAR, inventory decreased to 1.13 million in November from 1.15 million the previous month.
According to the NAR, inventory decreased to 1.13 million in November from 1.15 million the previous month.Headline inventory is not seasonally adjusted, and inventory usually decreases to the seasonal lows in December and January, and peaks in mid-to-late summer.
The last graph shows the year-over-year (YoY) change in reported existing home inventory and months-of-supply. Since inventory is not seasonally adjusted, it really helps to look at the YoY change. Note: Months-of-supply is based on the seasonally adjusted sales and not seasonally adjusted inventory.
Inventory was up 0.9% year-over-year (blue) in November compared to November 2022.
Months of supply (red) decreased to 3.5 months in November from 3.6 months the previous month.
This was above the consensus forecast. I'll have more later.
The last graph shows the year-over-year (YoY) change in reported existing home inventory and months-of-supply. Since inventory is not seasonally adjusted, it really helps to look at the YoY change. Note: Months-of-supply is based on the seasonally adjusted sales and not seasonally adjusted inventory.
Inventory was up 0.9% year-over-year (blue) in November compared to November 2022. Months of supply (red) decreased to 3.5 months in November from 3.6 months the previous month.
This was above the consensus forecast. I'll have more later.
