Home sales took a slight dive in November.
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According to the National Association of Realtors, total sales — including condominiums, co-ops, single-family homes and townhomes — decreased 1.7 percent from October to what the NAR called a “seasonally-adjusted” yearly rate of 5.35 million in November.
Lawrence Yun, a chief economist at the agency, said in a statement that the decline is not a cause for concern: “Sales will be choppy when inventory levels are low, but the economy is otherwise performing very well with more than 2 million job gains in the past year.”
In fact, while sales declined in November, they are actually up 2.7 percent from the same period last year, helped by sales growth in the Northeast and Midwest United States.
The median home price for all housing types in October was $271,300, according to the data. That’s up more than 5 percent from the November 2018 median of $257,400, and the uptick marks a striking 93 consecutive months of year-over-year gains in the category.
In terms of the types of purchases, first-time buyers made up 32 percent of sales in November, individual investors or second-home buyers accounted for 16 percent of sales, all-cash transactions landed at 20 percent of all sales, and distressed sales, or foreclosures and short sales, represented 2 percent of total sales in November.