Existing Home Sales Remained Strong in November Amid Tight Supply

Existing Home Sales Remained Strong in November Amid Tight Supply

Sales of existing homes increased 1.9 percent in November, to a 6.46 million seasonally adjusted annual rate. Sales are still down 2.0 percent from a year ago. Sales in the market for existing single-family homes, which account for about 89 percent of total existing-home sales, rose 1.6 percent in November, coming in at a 5.75 million seasonally adjusted annual rate (see first chart). From a year ago, sales are down 2.2 percent. Condo and co-op sales increased 4.4 percent for the month, leaving sales at a 710,000 annual rate for the month versus 680,000 in October (see first chart). From a year ago, condo and co-op sales are roughly unchanged.

The dominant single-family segment saw sales rise in two regions of the country and come in unchanged in the other two. Sales rose 2.6 percent in the West…

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