The National Association of Realtors (NAR) said Wednesday existing home sales gained for the second straight month, beating the consensus forecast.
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 1.9% from October to a seasonally adjusted rate of 5.32 million in November.
Sales are still down 7.0% from a year ago (5.72 million in November 2017).
“The market conditions in November were mixed, with good signs of stabilizing home sales compared to recent months, though down significantly from one year ago,” said Lawrence Yun, NAR’s chief economist.
“Rising inventory is clearly taming home price appreciation.”
The median existing-home price for all housing types in November was $257,700, up 4.2% from November 2017 ($247,200). November’s price increase marks the 81st straight month of year-over-year gains.