November home sales struggle as supply stalls

Core Insights - The housing market is facing challenges due to high home prices, elevated mortgage rates, and reduced supply, impacting potential homebuyers [1] - Sales of previously owned homes increased by 0.5% in November compared to October but were down 1% year-over-year, with an annualized sales rate of 4.13 million units [1][2] Supply and Inventory - The supply of homes for sale decreased in November, with 1.43 million homes available, representing a 5.9% decline from October but a 7.5% increase year-over-year [3] - At the current sales pace, the housing market has a 4.2-month supply of homes, indicating a tighter market compared to the balanced six-month supply [3] - Inventory growth is stalling, with distressed property sales at historic lows and homeowners reluctant to list their properties during winter months [4]