November home sales struggle as supply stalls
Existing home sales edged slightly higher as prices continued to rise and supply dropped. The higher end of the market is performing better.
TL;DR
- Home sales rose slightly by 0.5% in November but were 1% lower than the previous year.
- Housing supply fell in November, resulting in a 4.2-month supply, below the balanced 6-month benchmark.
- The median home price reached a record $409,200 in November, up 1.2% year-over-year.
- Homes are staying on the market longer, with an average of 36 days.
- Investors increased their market share to 18% of transactions.