Home sales tumbled more than 7% in November, the 10th straight month of declines

Abstract

Low supply kept prices higher than a year ago, up 3.5% to a median sale price of $370,700, but those annual gains are shrinking fast, well off the double digit gains seen earlier this year. Roughly 23% of homes sold above list price, due to tight supply. "We have seen home prices come down from their summer peaks over the past five months. At the same time, we have also seen rent growth retreat for 10 consecutive months," wrote George Ratiu, senior economist at Realtor.com in a release. Homes sat on the market longer in November, an average 24 days, up from 21 days in October and 18 days in November 2021. With prices still high and mortgage rates hitting a cyclical peak, first-time buyers remained on the sidelines. Sales fell across all price categories, but took the steepest dive in the luxury million-dollar-plus category, dropping 41% year-over-year. Mortgage rates have come off their recent highs, but it remains to be seen if it will be enough to offset higher prices.