MNI DATA IMPACT: US Nov Existing Home Sales Down 1.7% To 5.35M

By Evan Ryser

     WASHINGTON (MNI) - The pace of existing home sales unexpectedly declined

1.7% to a 5.35 million annual rate in November, though it is still up 2.7% from

a year ago, according to data released Thursday by the National Association of

Realtors. 

     NAR's Vice President of Demographics and Behavioral Insights, Jessica

Lautz, said the demand side is "solid" while the supply of homes remains

insufficient, including "an acute shortage at the lower price point." Despite

recent signs of a pick-up in new construction permits, inventory still needs to

catch up to buyer demand.

     The following are the other key points from the report: 

     - October home sales were revised down to a 5.44 million pace from the 5.46

million rate previously reported. 

     - October resales in Northeast +1.4%, Midwest +2.3%, South -3.9%, and West

-3.5%. 

     - Inventory of 3.6 months, down from 3.9 in October and 4.0 in November

2018 and is the lowest sales pace since February, signaling tight market

conditions. Days on the market was 38 days, seasonally up from 36 days in

October, but down from the 42 days in November 2018. 

     - National median sales price +5.4% y/y to $271,300 in November, marking

the fourth straight month of above 5% price growth which is "too fast," Lautz

said.

--MNI Washington Bureau; +1 202 371 2121; email: evan.ryser@marketnews.com

[TOPICS: MAUDR$,MAUDS$,M$U$$$]