EUS existing-home sales increased in November, according to the National Association of Realtors® Wednesday, marking two consecutive months of increases. Three of four major US regions saw gains in sales activity last month.
Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased +1.9% from October to a seasonally adjusted rate of 5.32 million in November. Sales are now down -7.0%from a year ago (5.72 million in November 2017).
The first-time buyer share slightly rose to 33% from 31% last month and 29% a year ago. The November inventory decreased to 1.74 million units from 1.85 million units in October, but was up from 1.67 million units compared to a year ago. At the current sales rate, the November unsold inventory represents a 3.9-month supply, down from a 4.3-month supply last month and up from a 3.5-month supply a year ago.
Inventory was up +4.2% year-over-year in November compared to November 2017. Months of supply was at 3.9 months in October.
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Homes stayed on the market for 42 days in November, up from 36 days in October and 40 days a year ago. In November, 43% of homes sold were on the market for less than a month.
The November all-cash sales share was 21%, down from 22% a year ago.
The November median sales price for an existing home, of $257,700, was up +4.2% from a year ago, representing the 81th consecutive month of year-over-year increases. The November median condominium/co-op price of US$236,400 was down -1.3% from a year ago.