Early Read on Existing Home Sales in November: Big Drop

From housing economist Tom Lawler: Based on publicly-available local realtor/MLS reports released across the country through today, I project that existing home sales as estimated by the National Association of Realtors ran at a seasonally adjusted annual rate of 4.97 million in November, down 7.3% from October's preliminary estimate and up just 0.4% from last November's seasonally adjusted pace. Compared to last November unadjusted sales were either flat or down in quite a few (though by no means all) markets across the country, which seems surprising since last November's sales face fell......(read more)

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