by Bill McBride on 12/28/2006 10:54:00 AM
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Thursday, December 28, 2006
The National Association of Realtors (NAR) reports: November Existing-Home Sales Rise
Click on graph for larger image.
Total existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 0.6 percent to a seasonally adjusted annual rate of 6.28 million units in November from a level of 6.24 million in October, but were 10.7 percent below the 7.03 million-unit pace in November 2005.The above graph shows NSA monthly sales for 2005 and 2006. On an NSA basis, sales were 11.1% below November 2005.
Total housing inventory levels fell 1.0 percent at the end of November to 3.82 million existing homes available for sale, which represents a 7.3-month supply at the current sales pace.As I've noted before, usually 6 to 8 months of inventory starts causing pricing problems and over 8 months a significant problem. With current inventory levels at 7.4 months of supply, inventories are now well into the danger zone and prices are falling in most regions. Nationwide prices were off 3.1% from November 2005.
Posted by Bill McBride on 12/28/2006 10:54:00 AM