Total existing-home sales, including single-family homes, townhomes, condominiums and co-ops, waned 7.7 percent from October to a seasonally adjusted annual rate of 4.09 million in November, and 35.4 percent from the previous year.
The median existing-home price for all housing types in November was US$370,700, an increase of 3.5 percent from November 2021 (US$358,200), as prices rose in all regions. This marked 129 consecutive months of year-over-year increases, the longest-running streak on record.
Even though all four major U.S. regions recorded month-over-month and year-over-year declines of existing-home sales, the West region experienced the largest decline in home sales and the smallest increase in home prices compared to the other regions.
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Sales in the West region fell 12.5 percent in November and were down 45.7 percent from a year ago. In California, the most populous state of the country, existing-home sales totaled 237,740 in November, down 13.2 percent from October and 47.7 percent from a year ago.
"In essence, the residential real estate market was frozen in November, resembling the sales activity seen during the COVID-19 economic lockdowns in 2020," said NAR Chief Economist Lawrence Yun in the study.
"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 study read.