A brief excerpt:
After the National Association of Realtors® (NAR) releases the monthly existing home sales report, I pick up additional local market data that is reported after the NAR. This is the final look at local markets in November.
The big story for November was that existing home sales increased year-over-year (YoY) for the second time since July 2021 (October was the first). However, sales in November, at 4.15 million on a seasonally adjusted annual rate basis (SAAR) were still historically low. Sales averaged about 4.5 million SAAR in November 2017, 2018, and 2019. So, sales were still about 23% below pre-pandemic levels.
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Here is a look at months-of-supply using NSA sales. Note the regional differences with more months-of-supply in the South, especially in Florida and Texas (although November statistics in Florida were likely still impacted by Hurricane Milton).
Miami is off the charts!
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More local data coming in January for activity in December!
There is much more in the article.