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Existing Home Sales Disappoint In November As First-Time-Buyers Dwindle

Courtesy of ZeroHedge View original post here.

After slowing its acceleration dramatically last month, analysts expected a considerable 3.0% jump MoM in December, and while they were right in direction, the amplitude was considerably less with a mere 1.9% MoM rise.

That is third straight monthly gain and leaves existing home sales down 1.97% YoY.

Source: Bloomberg

The median selling price of an existing home rose 13.9% from a year ago to $353,900 in November, reflecting in part more sales of higher-end properties, according to NAR’s data. Inventory of homes priced less than $500,000 remains tight.

“Determined buyers were able to land housing before mortgage rates rise further in the coming months,” Lawrence Yun, NAR’s chief economist, said in a statement.

Yun said sales this year are on pace to reach 6.1 million unit, which would be the best since 2006.

“Locking in a constant and firm mortgage payment motivated many consumers who grew weary of escalating rents over the last year,” he said.

Finally, first-time buyers comprised just 26% of November transactions, down from 32% a year ago and matching the lowest share since 2014 as Wall Street increases its role as America's landlord. All-cash sales accounted for 24% of transactions in November, while investors — who make up many of the cash sales — comprised 15% of November contract signings.

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