Sales of existing homes in November fell for the tenth straight month, dropping 7.7% from October, according to the National Association of Realtors.
Sales in November of 4.09 million were down 35.4% from 6.33 million last year. The median existing-home price for all housing types was $370,700, up 3.5% from November 2021.
“The residential real estate market was frozen in November, resembling the sales activity seen during the COVID-19 economic lockdowns, said NAR Chief Economist Lawrence Yun.
The principal factor was the rapid increase in mortgage rates, which hurt housing affordability and reduced incentives for homeowners to list their homes,” Yun said.
Available housing inventory also remains “near historic lows with 1.114 million units in November, down 6.6% from October, but up 2.7% from November 2021.
