- Existing home sales fell 1.7% in November from October, according to the National Association of Realtors, to 5.35 million (SAAR). Sales were up 2.7% from a year ago.
- The median existing-home price for all housing types in November was $271,300, up 5.4% from November 2018 ($257,400), with prices up in all regions covered. November's price increase marks 93 straight months of year-over-year gains.
- Inventory fell 7.3% from October and 5.7% from a year ago.
2019 has been a topsy-turvy year for in housing: After a sluggish start to the year, the latter half has offered more reasons for optimism — chief among them steadily increasing sales volume. At this point, there's a good chance that home sales will end the year ahead of 2018's totals, something that seemed unlikely as recently as this summer. But despite these advances, existing home sales are still punching below their potential. Low mortgage rates, a resilient labor market and sustainable home value appreciation combine to offer enticing buying conditions. But a deepening and worrisome inventory shortage, particularly at more-affordable price points, continues to constrain the market and muffle the optimism of many would-be buyers itching to capitalize on these favorable trends. November's existing home sales numbers were a continuation of the year-long underachievement in the market. There simply isn't enough inventory to meet the demands of the market. But that may be primed to change come 2020: Home construction levels have overachieved in consecutive months, suggesting that some much-needed inventory relief to come.
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