Existing Home Sales Slowed by a Lack of Listings
Posted by Missy Ashcraft on Friday, November 24, 2017 at 11:40 AM By Missy Ashcraft / November 24, 2017 Comment
- The inventory of existing homes for sale has dropped year-over-year for the last 29 consecutive months and is now at a 3.9-month supply.
- Existing home sales are currently at an annual pace of 5.48 million, the highest pace since June of this year, but down 0.9% from October 2016.
- NAR’s Chief Economist, Lawrence Yun, had this to say: “While the housing market gained a little more momentum last month, sales are still below year ago levels because low inventory is limiting choices for prospective buyers and keeping price growth elevated.”