Sales for existing homes fell in November, according to the National Association of Realtors. Existing homes fell 8.6 percent, more than 10 percent from a year ago, and inventory rose to 4.2 million units.
“We hope the home sales impact from the stock market crash turns out to be short-lived, as was the case in 1987 and 2001,” Lawrence Yun, NAR’s chief economist, said in a press release. He said homebuyers need incentives to rebound the market.
“It also depends on how effectively Congress and the new administration can help facilitate the short sales process and unclog the mortgage pipeline – impediments remain for some buyers with good credit,” Yun says.