Lawler: Early Read on Existing Home Sales in November
From housing economist Tom Lawler:
Based on publicly-available local realtor/MLS reports released across the country through today, I project that existing home sales as estimated by the National Association of Realtors ran at a seasonally adjusted annual rate of 6.45 million in November, up 1,7% from October’s preliminary pace but down 2.1% from last November’s seasonally adjusted pace. Unadjusted sales should be little changed from a year earlier, with the SA/NSA difference reflecting this November’s higher business day count relative to last November’s.
Local realtor reports, as well as reports from national inventory trackers, suggest that the YOY % decline in the inventory of existing homes for sale last month was larger than was the case in October.
Finally, local realtor/MLS reports suggest the median existing single-family home sales price last month was up by about 13.0% from last November.
CR Note: The National Association of Realtors (NAR) is scheduled to release November existing home sales on Wednesday, December 22, 2021, at 10:00 AM ET. The consensus is for 6.20 million SAAR. Take the over.