Lawler: Early Read on Existing Home Sales in November

Based on publicly available local realtor/MLS reports released across the country through today, I project that existing home sales as estimated by the National Association of Realtors ran at a seasonally adjusted annual rate of 4.16 million in November, down 6.1% from October’s preliminary pace and down 34.3%% from last November’s seasonally adjusted pace. On an unadjusted basis the YOY % decline in sales was largest in the West, and smallest in the Northeast and Midwest.