Tuesday, December 18, 2018

Lawler: Early Read on Existing Home Sales in November

by Calculated Risk on 12/18/2018 02:18:00 PM

From housing economist Tom Lawler: Early Read on Existing Home Sales in November

Based on publicly-available local realtor/MLS reports from across the country released through today, I project that existing home sales as estimated by the National Association of Realtors ran at a seasonally adjusted annual rate of 5.23 million in November, virtually unchanged from October’s preliminary pace (which based on local realtor/MLS data seemed low) and down 8.7% from last November’s seasonally adjusted pace.

On the inventory front, local realtor/MLS data, as well as data from other inventory trackers, suggest that the inventory of existing homes for sale in November was up by about 4.8% from last November.

Finally, local realtor/MLS data suggest that the median US existing single-family home sales price last month was up about 4.1% from last November.

CR Note: The NAR is scheduled to release November existing home sales tomorrow, Wednesday, Dec 19th. The consensus is that the NAR will report sales of 5.19 million SAAR.