After five months of gradual increases, November Existing-Home Sales fell short, 2.5% to be exact. The 2.5% decrease brought the seasonally-adjusted annual rate to 6.69 million, down from 6.85 million. Although there was not again in November, each region experienced significant growth compared to last year. From last year, existing-home sales have risen a remarkable 25.8%. So, even with the break-in steady increases, the market is still holding on strong.
NAR’s chief economist Lawrence Yun believes that this setback is due to the coronavirus cases growing in numbers again, stricter lockdowns, and stalled job recovery. But, despite the pandemic and increase in those numbers, he remains hopeful for 2021. Yun states, “However, the latest stimulus package and with the vaccine distribution underway, and a very strong demand for homeownership still prevalent, robust growth is forthcoming for 2021.” With the year coming to an end, we are all looking forward to seeing what will happen with the housing market.
Information Provided by NAR – View Original Article Here
Existing-Home Sales Decrease 2.5% in November. (2020, December 22). Retrieved December 29, 2020, from https://www.nar.realtor/newsroom/existing-home-sales-decrease-2-5-in-november