USA existing-home sales dropped off considerably in November to the slowest pace in 19 months, the the National Association of Realtors said today. Sales have cooled after accelerating to a rate of 5.58 million in July.
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“It’s possible the longer timeframes pushed a latter portion of would-be November transactions into December”, Yun said in a release.
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Low inventory and affordability issues also are weighing on sales.
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“However, signed contracts have remained mostly steady in recent months, and properties sold faster in November”, he added. These figures were both up over two percent compared to November 2014, according to the board.
“Realtors worked hard to prepare for Know Before You Owe, and we knew there would be some near-term challenges as the industry continues to adapt”, says NAR President Tom Salomone, broker-owner of Real Estate II Inc.in Coral Springs, Florida.
Economist had expected existing home sales to edge down to a rate of 5.32 million from the 5.36 million originally reported for the previous month.
NAR economists expect the Federal Reserve’s move to increase interest rates to push the rate up to 4.5% by the end of 2016.
At the regional level, the South region has seen the largest year-over-year drop, at 7.1%, but still ranked the top in terms of sales volume, with 1,700,000 sales recorded in November.
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The number of existing homes available for sale decreased 3.3 percent to 2.04 million at the end of November from 2.11 million at the end of October. Another disappointing result: The share of first-time buyers in November dipped to 30% after reaching 31% in October.
