Home sales in the United States declined for the 10th month in a row in November as surging mortgage rates topped 7% and stubbornly high prices kept buyers out of the market
Sales of existing homes — which include single-family homes, townhomes, condominiums and co-ops — were down 35.4% in November from a year ago and down 7.7% from October, according to a National Association of Realtors report released Wednesday. Sales declined in all regions of the United States month-over-month and year-over-year. That continues a slowing trend that began in February and marks the longest streak of declining sales on record, going back to 1999.
The median home price was $370,700 in November, up 3.5% from one year ago, according to the report. But that’s down from the record high of $413,800 in June. The price increase marks more than a decade of year-over-year monthly gains. Inventory remains near record lows, with few homeowners looking to give up the ultra-low mortgage rates they refinanced or bought into to buy a new home with a higher rate. There were 1.14 million units for sale at the end of November, according to NAR, down 6.
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