The streak is over.
Existing-home sales dropped by 2.5 percent in November, ending a streak of five months of month-over-month increases, the National Association of Realtors announced Tuesday. Still, sales were up 25.8 percent from last November.
“Home sales in November took a marginal step back, but sales for all of 2020 are already on pace to surpass last year’s levels,” said Lawrence Yun, NAR’s chief economist. “Given the COVID-19 pandemic, it’s amazing that the housing sector is outperforming expectations.”
Single-family home sales of 5.98 million in November were down 2.4 percent from 6.13 million in October and up 25.6 percent from one year ago. Existing condo and co-op sales of 710,000 units were down 2.7 percent for the month and up 26.8 percent from a year ago.
Existing-home sales dropped in three of the four regions, including:
- 2.2 percent in the Northeast, while up 25.7 percent from last year.
- 2.5 percent in Midwest, while up 24.2 percent from a year ago.
- 3.8 percent in the South, while up 25.9 percent from last year.
- Unchanged in the West, while up from 27.3 percent from 2019.
“Circumstances are far from being back to the pre-pandemic normal,” Yun said. “However, the latest stimulus package and with the vaccine distribution underway, and a very strong demand for homeownership still prevalent, robust growth is forthcoming for 2021.”