U.S. November Existing Home Sales - A modest rise, but the third straight
November existing home sales, up 0.5% to 4.13m, are a little short of expectations, but still delivered a third straight increase with October revised up to a 1.5% increase from 1.3%.
Most housing sector surveys have started to pick up since the Fed resumed easing, if moderately, though new home sales and housing starts data remain absent since August, when new home sales saw a surprising bounce that may prove erratic.
Despite the three straight gains, existing home sales are still down 1.0% yr/yr as a stronger November 2024 rise drops out. This is the first yr/yr decline since May. The median price fell by 1.4% on the month. The drop is in part seasonal, but yr./yr growth slowed to 1.2% from 2.0%.
Regionally sales showed a third straight 1.1% rise in the South, which is the largest region. The Northeast saw a strong rise but the Midwest corrected from a strong October and the West continues to pause after a strong September.
