The housing market near year-end for 2023 is still dampened by inventory availability, higher mortgage rates, and an uncertain consumer. Additionally, the median price for existing homes increased 4% year-over-year to $387,600.
US housing inventory declined 1.7% from October, to a level of 3.5 months worth of available housing inventory on the market.
This is still a fast-moving market experiencing supply and pricing issues. A full 62% of existing homes sold during November were on the market for less than one month.
“The latest weakness in existing home sales still reflects the buyer bidding process in most of October when mortgage rates were at a two-decade high before the actual closings in November,” said NAR Chief Economist Lawrence Yun. “A marked turn can be expected as mortgage rates have plunged in recent weeks.”
Read more at NAR.realtor:
Existing-Home Sales Expanded 0.8% in November, Ending Five-Month Slide