Existing home sales in November fell far short of sales the previous
month according to today’s report from the National Association of Realtors® (NAR). Sales in November were at a seasonally
adjusted annual rate of 4.93 million units, the lowest since May’s 4.91 million
unit pace and a 6.1 percent decline from the previous month. November sales were still 2.1 percent higher
than a year earlier, the second consecutive month of year-over-year gains.
October was a banner month for existing home sales with volume
originally reported at an annual rate of 5.26 million units. Despite the slight downward revision to 5.25
million reported today October remains the best month for sales since September