According to the National Association of REALTORS®, existing home sales decreased slightly in November 2019 over the previous month.
Interest Rates
According to Freddie Mac, 30-year fixed rates increased to 3.73% in November from 3.66% in October. This rate remains well below the historical average of 8.90%.
Home Sales
The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of 5.35 million in November, down 1.7% from October and 2.7% above the 5.21 million sales pace from a year ago.
Home Price
The median home price increased to $271,300 in November, up 0.1% from October. The median home price has increased by 5.4% in the past year alone.
Inventory
There was a 3.7-month supply of housing inventory in November 2019, down 5.1% from October. The total number of available homes for sale has decreased by 5.1% compared to November of last year.
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