US: Existing home sales increased 1.9% in November vs. -0.6% expected

"Total existing-home sales increased 1.9 percent from October to a seasonally adjusted rate of 5.32 million in November. Sales are now down 7.0 percent from a year ago (5.72 million in November 2017)," the National Association of Realtors reported on Wednesday.

Key takeaways from the press release

Lawrence Yun, NAR’s chief economist: “The market conditions in November were mixed, with good signs of stabilizing home sales compared to recent months, though down significantly from one year ago. Rising inventory is clearly taming home price appreciation.”

• The median existing-home price for all housing types in November was $257,700, up 4.2 percent from November 2017 ($247,200).