Barclays with the note:
Existing home sales fell in November by 7.7% m/m, the tenth straight monthly decline, nearing pandemic lows. Housing inventories remained constant at 3.3 months, while median housing prices continued to decline.
Existing home sales fell for a tenth-straight month. Total sales in November were down 7.7% m/m, to 4.09mn saar units, which was below Barclays and the consensus estimates (Barclays 4.25mn units saar, consensus 4.20mn units saar). With this decline, existing home sales are down 35.4% y/y and continue to show the effects of cooling housing demand in recent months.
Existing home sales are measured at the time of closing, unlike new home sales, which are measured at the time of contract signing. As a result, resale data tend to lag new home sales and may not fully reflect the current state of mortgage rates.
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