The National Association of REALTORS® reported last Tuesday that existing-home sales in November climbed 25.8% compared to last year.
Existing-home sales include completed transactions on single-family homes, townhomes, condos, and co-ops, slightly decreased by 2.5% in November compared to October’s unseasonably high levels. The slight decrease last month ended a five-month streak of month-over-month gains. Still, all four major regions across the country posted significant year-over-year growth.
Buying frenzy continued to press on housing markets in November. NAR reported that home prices are rapidly climbing up due to the high demand, posting double-digit increases compared to a year ago.
NAR’s Chief Economist Lawrence Yun said that circumstances are far from being back to the pre-pandemic normal. However, the latest stimulus package and with the vaccine distribution underway, and a very strong demand for homeownership still prevalent, robust growth is forthcoming for 2021.