Existing Home Sales Tumble For First Time Since May, Prices Hit Record Highs

After a big surprise jump in October, existing home sales were expected to drop MoM in November (as homebuilder sentiment rolled over from record highs) after 5 straight months higher and sales did slump – more than expected.

Existing Home Sales fell 2.5% MoM (worse than the 2.2% drop expected) and the first MoM drop since May and the YoY surge in sales is starting to slow…

Source: Bloomberg

“Housing affordability, which had greatly benefitted from falling mortgage rates, are now being challenged due to record-high home prices,” Lawrence Yun, NAR’s chief economist, said in a statement.

“That could place strain on some potential consumers, particularly first-time buyers.”

This pushed the SAAR down to 6.69mm from 6.86mm in October.

Perhaps the slowdown is due to the fact that the median selling price jumped 14.6% from a year earlier on an unadjusted basis to $310,800, the fourth straight month of double-digit increases.

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