Market Update: Existing Home Sales Dipped Slightly in November

November’s Existing Home Sales report showed a 2.5% decrease in home sales, to a seasonally adjusted rate of 6.69 million.

Bill Banfield, Rocket Mortgage Executive Vice President of Capital Markets, offers the following insight on the report:

“The big story of 2020 in the housing market has been the fact that not even a pandemic could dampen Americans’ drive for a new space to call home. The small seasonal sales decline from this report is overshadowed by surging home prices that have largely been offset by record low interest rates, as well as the continued strain from a lack of inventory.”

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