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Existing Home Sales Nudge Higher After Five Monthly Declines

  • Existing home sales saw a modest beat in November, at 3.82m (cons 3.78m) after an unrevised 3.79m in Oct.
  • It leaves a 0.8% M/M increase after five consecutive monthly declines, most recently a heavy -4.1% in Oct, and marks its largest increase since February’s spike. Sales are still almost 30% below 2019 levels.
  • When combined with a fall in inventory, the months of supply bucked its recent upward trend, easing a tenth to 3.5 months with its the first decline since February.
  • Nevertheless, this uptrend has helped relative supply push back closer to pre-pandemic averages, having averaged 3.8 months in Nov for 2017, 2018 and 2019.

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