Existing-home sales fall seven point seven percent in November 2022 MABA Massachusetts RealEstate FirstTimeHomeBuyers 

Existing-home sales fell for the tenth month in a row in November as house prices rose for the one hundred twenty ninth consecutive month, the longest streak of gains on record, the National Association of REALTORS® said. Month over month, existing-home sales, which include single-family homes, townhomes, condominiums and co-ops, slid seven point seven percent to an annual rate of four point nine million, which is thirty five point four percent lower than the year before. “In essence, the residential real estate market was frozen in November, resembling the sales activity seen during the COVID-19 economic lockdowns in 2020,” NAR Chief Economist Lawrence Yun said in a press release.

 “The principal factor was the rapid increase in mortgage rates, which hurt housing affordability and reduced incentives for homeowners to list their homes. Plus, available housing inventory remains near historic lows.” The median existing-home price for all housing types in November was $370,700, representing a three point five percent rise from the year before. The thirty year fixed-rate mortgage averaged six point thirty one percent as of December 15, 2022 down from six point thirty three percent a week before up from three point twelve percent a year earlier, according to Freddie Mac.

 “The overall narrative in 2022 was one of a strong first half and a much slower, rebalancing second half,” said Compass president of national brokerage operations Neda Navab, who cited a recent survey of Compass agents, which found a majority expect rates to gradually fall to between five and six percent by the end of 2023. “In 2023, we may see the reverse: A somewhat challenging first half that gives way to what could be a surprisingly strong second half as affordability improves, inventory grows and buyers, sellers and their agents all adjust to a more balanced, healthy and sustainable market.”

 Total housing inventory at the end of November was 1,140,000 units, a six point six percent decrease on a month-over-month basis and a two point seven percent gain on a year-over-year basis. At the current sales pace, unsold inventory represented a three point three month supply, the same as October and up from two point onemonths in November 2021. Properties typically remained on the market for twenty four days in November, up from twenty one days in October and eighteen in November 2021. Sixty one percent of homes sold in November were on the market for less than a month.

 By property type, single-family home sales in November slid to a seasonally adjusted annual rate of three point sixty five million, down seven point six percent from three point ninety five million in October and down thirty five point two percent from a year earlier. The median existing single-family home price was $376,700, up three point two percent on a year-over-year basis. Existing condominium and co-op sales came in at a seasonally adjusted annual rate of 440,000 units in November, down eight point three percent from October and thirty seven point one percent compared to November 2021. The median existing condo price rose five point eight percent year over year to $321,600.

The post NAR: Existing-home sales fall 7.7% in November  appeared first on Boston Agent Magazine.

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