November Existing Home Sales Plunge

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November existing home sales, according to the National Association of Realtors, plunged 10.5% from October to November. Note that this metric, as calculated, is the NAR’s "seasonally adjusted, annualized rate (SAAR)" metric. The point here is that the plunge in sales can’t be blamed on seasonality or the weather.

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November existing home sales, according to the National Association of Realtors, plunged 10.5% from October to November. Note that this metric, as calculated, is the NAR’s "seasonally adjusted, annualized rate (SAAR)" metric. The point here is that the plunge in sales can’t be blamed on seasonality or the weather.

The pace of exising home sales plunged 6.1% in November to an annualized rate of 4.93 million units. This was much worse than expected. Economists had forecast the pace of sales declined 1.1% to 5.20.

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Southern California home sales plunged in November from a year earlier, while prices increased at the slowest pace in three years amid a housing market slowdown, reported Los Angeles Times. The 12% decline in November sales from a year earlier was the fourth consecutive monthly drop for the eight southern counties, including Imperial, Los Angeles, Orange, Riverside, San Bernardino, San Diego.