Sales of previously owned houses in the US declined 1.7 percent from the previous month to a seasonally adjusted annual rate of 5.35 million units in November of 2019, compared with market expectations of 0.2 percent drop as shortage of properties for sale is hitting real estate market. Sales of single family homes went down 1.2 percent to 4.79 million, following a 1.7 percent rise in October and sales of condos slumped 5.1 percent to 0.560 million. The median house price stood at $271,300 in November, up 5.4 percent from last year's level. There were 1.64 million houses available, the lowest November reading on record. At November's sales pace, it would take 3.7 months to clear the current inventory, down from 4 months a year ago. The October reading was revised lower to 5.44 million from 5.46 million. Existing Home Sales in the United States averaged 3972.31 Thousand from 1968 until 2019, reaching an all time high of 7250 Thousand in September of 2005 and a record low of 1370 Thousand in March of 1970. source: National Association of Realtors
Existing Home Sales in the United States is expected to be 5200.00 Thousand by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Existing Home Sales in the United States to stand at 5180.00 in 12 months time. In the long-term, the United States Existing Home Sales is projected to trend around 4700.00 Thousand in 2020, according to our econometric models.