The housing market has been heating up in recent months, as sales have picked up and home prices are rising. However, the latest data show that sales fell sharply while inventory rose again in November. The seasonally adjusted annual sales rate (SAAR) fell from 7.8 million in October to 7.2 million in November, which was the lowest sales pace since October 2001 and below the consensus forecast of 8 million units. This marks the fifth consecutive month of declines following 6 straight months of gains earlier this year when activity rebounded after bottoming out earlier this year due to tight credit conditions and uncertainty about where interest rates were going given Brexit-related concerns as well as fears about trade wars between China & America/Canada etc.. Demand for existing homes is still outstripping supply but widening gap suggests some cooling off ahead

The seasonally adjusted annual sales rate (SAAR) fell from 7.8 million in October to 7.2 million in November.

The seasonally adjusted annual sales rate (SAAR) fell from 7.8 million in October to 7.2 million in November, the National Association of Realtors® said today. While that was a decline of more than 8%, it was also an improvement over forecasts of as much as 10% drop predicted by some analysts.

The SAAR is a measure of the total number of homes sold in a given period, based on an average monthly rate over several months and adjusted for seasonal factors such as weather and holidays. The unadjusted annual rate does not remove seasonal factors; it simply assumes that the same number of housing units were sold each month during the year being measured—which isn't always true since some months are busier than others for buyers or sellers.

This was the lowest sales pace since October 2001.

• The sales pace is the number of homes sold in a month divided by the number of available homes for sale. The higher the sales pace, the faster homes are selling.
• In November 2022, there were 12,300 single-family homes sold and 25,300 new listings entered into our database — making for a sales pace of 51 percent (12300/25300). This was the lowest sales pace since October 2001.

Demand for existing homes is still outstripping supply, but the gap is narrowing.

Demand for existing homes is still outpacing supply, but the gap is narrowing.

The number of existing homes sold in November was down 7.7% from a month earlier, according to the National Association of Realtors' Pending Home Sales Index released Tuesday. That's one sign that demand for housing is still outpacing supply—but not nearly as much as it was earlier this year when home sales were growing at a rapid pace and prices soared with them.

However, supply growth has accelerated in recent months, according to NAR Chief Economist Lawrence Yun: “Demand has been strong throughout most of the country with few signs of slowing down except on high-priced markets such as New York City." He added: "Supply conditions have been improving meaningfully over time as builders ramp up production after being held back by tight labor conditions during much of 2019."

The number of new listings went up 3.7% to 673,000 on an annualized basis.

The number of new listings went up 3.7% to 673,000 on an annualized basis. This was the highest number of new listings since December 2018, and it is up 9.9% from a year ago.

The total inventory of homes for sale rose 3% from last month (and 5% from a year ago).

The price of homes increased 14.2% compared with November 2021, which was the largest 12-month gain since February 2006.

The price of homes increased 14.2% compared with November 2021, which was the largest 12-month gain since February 2006. This was the largest increase since January 2021.

Monthly total housing inventory at 1.07 million units rose 0.6% from last month and was up 20.2% from a year ago (906,000).

The monthly total housing inventory at 1.07 million units rose 0.6% from last month and was up 20.2% from a year ago (906,000).

The monthly total housing inventory is up 3.2% from last year in the U.S., which shows that home sales are increasing because there are more homes for sale than there were last year

Unsold inventory is at a 5-month supply at the current sales pace (4.8 months in October), unchanged from last month, and up from 4.3 months a year ago (4 months in November 2021).

The number of homes for sale is up nearly 2% from a year ago, but the inventory level still remains below that of last year. The ratio of buyers to sellers has widened over the last year, however, with more properties available for sale than at any time since November 2015. This indicates that neither buyers nor sellers are in a hurry to complete transactions.

The housing market remains on an upward trajectory despite these factors and strong sales activity continues in most markets across Canada. It may be too soon to say whether there are any signs of slowing demand or rising inventory levels which could cause prices to ease off their current pace; however it looks like we’re beginning to see the impact from each side so far.

Home prices are going up as you have more options to choose from

If you’re in the market for a home, it looks like the best time to do so would be right now. As opposed to last year, when there were fewer homes for sale and prices rose as a result of that, this year has seen an increase in both the number of homes available for sale and also their average price.

If you want more details on why this is happening and what it means for your future buying plans, read on!

Conclusion

Overall, the home market is still healthy, but it’s clear that there are more homes on the market than ever before. The increased supply of homes has helped lower prices across the country, although they remain high compared with historical norms. Homeowners looking to sell might be hoping for some relief as November sales figures dropped off from October levels and inventory rose slightly again this month. This could mean there’s less competition for buyers when searching for their next property

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