After Extended Losses, Existing Homes Sales Improve for Second Month

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Posted To: MND NewsWire

After a prolonged losing streak – existing home sales hadn’t seen an increase since March – the National Association of Realtors® (NAR) announced a second consecutive uptick in November. Sales of existing single-family homes, townhomes, condos, and co-op apartments were up 1.9 percent during the month to a seasonally adjusted annual rate of 5.32 million units. October sales were at the rate of 5.220, reflecting a 1.4 percent increase from September. However, the November increase did little to help sales catch up with last year. The gulf between the recent month’s sales and those a year earlier widened to 7.0 percent from the 5.72-million-unit pace in November 2017. The year-over-year change in October was -5.1 percent. The November results were unexpected. Analysts polled by Econoday had…(read more)

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