CHARLOTTE, N.C. (AP) — The market for existing homes cooled slightly in November, the National Association of Realtors said Tuesday, after climbing through the late spring, summer and early fall despite the pandemic.
Existing home sales fell 2.5% between October and November on a seasonally adjusted basis to 6.69 million annualized units. That’s the first decline in that figure since May, when housing market activity started recovering from the shutdowns of March and April due to the Coronavirus lockdowns.
Once the lockdowns were lifted, the housing market took off, fueled by record low mortgage rates that helped with home affordability. Thousands of families impacted by the stay-at-home orders sought out homes that were better attuned for working at home. Suburbs were among the biggest beneficiaries.