by Calculated Risk on 12/29/2005 11:23:00 AM

The National Association of Realtors (NAR) reports: Existing-Home Sales Trend Lower in November

Total existing-home sales – including single-family, townhomes, condominiums and co-ops – eased 1.7 percent to a seasonally adjusted annual rate of 6.97 million units in November from a pace of 7.09 million in October. Sales were 0.1 percent below the 6.98 million-unit level in November 2004.

Inventories increased to a 5 month supply:

Total housing inventory levels rose 1.2 percent at the end of November to 2.90 million existing homes available for sale, which represents a 5.0-month supply at the current sales pace.

This represents a 14% increase from November 2004, when the inventory of existing homes was 2.54 million.

Just a note for next month: Inventories usually fall in December as sellers take their houses off the market for the holidays.