Lawler: Early Read on Existing Home Sales in November

Today, in the Calculated Risk Real Estate Newsletter: Lawler: Early Read on Existing Home Sales in November

A brief excerpt:

From housing economist Tom Lawler:

Based on publicly-available local realtor/MLS reports released across the country through today, I project that existing home sales as estimated by the National Association of Realtors ran at a seasonally adjusted annual rate of 4.09 million in November, up 3.3% from October’s preliminary pace and up 4.6% from last November’s seasonally adjusted pace. Unadjusted sales should show a moderately lower YOY % gain, reflecting this November’s lower business day count compared to last November’s.

Local realtor/MLS reports suggest that the median existing single-family home sales price last month was up by about 5.3% from a year earlier.

CR Note: The NAR is scheduled to release November Existing Home sales on Thursday, December 19th at 10:00 AM. The consensus is for 3.97 million SAAR, up from 3.96 million in October. Take the over! Last year, the NAR reported sales in November 2023 at 3.91 million SAAR. This will be the second year-over-year gain since July 2021 (last month was the first).

There is much more in the article.