COVID numbers may be grisly to look at, but some figures in the U.S. are raising eyebrows and pulse rates.
Figures released Wednesday by the National Association of Realtors’ showed sales of previously-owned home rose 1.9% in November on a monthly basis, albeit lower by 2.0% than November 2020.
These sales reflect home closings, so contracts that were likely signed in September and October.
Regionally, month-to-month, sales in the Northeast were unchanged. In the Midwest, they rose 0.7% and in the South they rose 2.9%. In the West, sales increased 2.3%.
There were 1.11 million homes for sale at the end of November, down 13% year over year. At the current sales pace that represents a 2.1-month supply.
The supply put upward pressure on home prices. The median price of an existing home sold in November was $353,900. That is a 13.9% gain from November of 2020. Price gains are slowing from earlier annual gains of about 20%.
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