November Existing Home Sales Plunge

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(The median price for an existing home was $220,300 in November, up 6.3% from the same month last year, while housing inventories at the end of November fell 3.3% from October to 2.04 million.

 · Investing.com – U.S. existing home sales fell sharply in November to hit the lowest level in 19 months, dampening optimism over the health of.

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Existing-Home Sales Forge Ahead in November November existing home sales, according to the National Association of Realtors, plunged 10.5% from October to November. Note that this metric, as calculated, is the NAR’s "seasonally adjusted, annualized rate (SAAR)" metric. The point here is that the plunge in sales can’t be blamed on seasonality or the weather.

Investing.com – U.S. existing home sales fell sharply in November to hit the lowest level in 19 months, dampening optimism over the health of the housing market, industry data showed on Tuesday.

Sales of new U.S. homes plummeted 8.9 percent in October, as the number of newly built, unsold homes sitting on the market climbed to its highest level since 2009.

With spiking mortgage rates, and tumbling mortgage applications, it is hardly surprising that existing home sales tumbled in December but the 2.8% plunge is the biggest since July and is the worst decline for December since 2009.

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