Existing home sales across the country inched up by 0.5 percent in November, while the median price for all housing types continued to rise by 1.2 percent, to $409,200—the 29th consecutive month of year-over-year price increases, according to the National Association of Realtors (NAR).
The Dec. 19 report also indicated that month-over-month home sales grew in both the Northeast and South, fell in the Midwest and remained unchanged in the West. When compared with year-over-year sales, the Northeast and South were stagnant, while sales dropped in both the Midwest and West.
“Existing-home sales increased for the third straight month due to lower mortgage rates this autumn,” NAR chief economist Lawrence Yun said in the report. “However, inventory growth is beginning to stall. With distressed property sales at historical lows and housing wealth at an all-time high, homeowners are in no rush to list their properties during the winter months.”…