November existing home sales fall 2.5%, following record summer

CHARLOTTE, N.C. — The market for existing homes cooled slightly in November, the National Association of Realtors said today, after climbing through the late spring, summer and early fall despite the pandemic.

Existing home sales fell 2.5% between October and November on a seasonally adjusted basis to 5.98 million annualized units. That’s the first decline in that figure since May, when housing market activity started recovering from the shutdowns of March and April due to the coronavirus pandemic lockdowns.

Sales of existing homes are up 25.6% from a year earlier, the trade association said. The average sale price of a home was $315,500 in November, up 15.1% from a year earlier.