Steel Markets
December 18, 2019
Existing Home Sales Edge Down in November
Written by Sandy Williams
Existing home sales slipped in November after making gains in October, according to the latest report from the National Association of Realtors. Completed transactions fell 1.7 percent to a seasonally adjusted annual rate of 5.35 million last month, but were up 2.7 percent from a year ago.
The decline is not a cause for worry, said NAR Chief Economist Lawrence Yun. “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.” The NAR Real Estate Forecast Summit predicts that the U.S. will avoid a recession in 2020 and the economy will grow 2 percent in the coming year.
