The National Association of REALTORS® (NAR) reports that Existing Home sales in November rose 1.9 percent from October to an annual rate of 5.32 million units versus the 5.20 million expected. Gains were seen in the Northeast, Midwest and South with losses in the West. Existing Home Sales include transactions on single-family homes, townhomes, condominiums and co-ops. Sales were down 7 percent from November 2017. Inventories of homes for sale on the market is at 3.9 months, up from 3.5 a year ago. Lawrence Yun, NAR's chief economist, says two consecutive months of increases is a welcomed sign for the market. "The market conditions in November were mixed, with good signs of stabilizing home sales compared to recent months, though down significantly from one year ago. Rising inventory is clearly taming home price appreciation."
Source: Mortgage Market Guide