Existing-home sales in the U.S. increased by 0.5% in November, marking the third consecutive monthly increase. Lower mortgage rates in the fall have contributed to this growth, although inventory is starting to stall. The median sales price for all housing types rose to $409,200, a 1.2% increase from last year. Single-family homes outperformed condos in sales, with the median price for a condo being 13.5% lower than a single-family home. The Northeast saw a 4.1% increase in sales, while the Midwest experienced a 2.0% decrease. The South and West regions remained relatively stable in terms of sales. Existing-home sales data is based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began.

Total inventory and month’s supply data are available back through 1999. The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices. Distressed sales, days on market, first-time buyers, all-cash transactions, and investors are from a monthly survey for the NAR’s REALTORS® Confidence Index.

Read more at 1. Global tech giant Apple announced a record-breaking quarterly revenue of $111.4 billion, driven by strong iPhone sales and growth in services and wearables. – Reuters

2. The US economy added 49,000 jobs in January, falling short of expectations as the unemployment rate dropped to 6.3%. – CNBC

3. Electric vehicle maker Tesla reported a profit for the sixth consecutive quarter, with revenue reaching $10.74 billion in the fourth quarter. – Wall Street Journal

4. Pharmaceutical company Pfizer expects to deliver 200 million doses of its COVID-19 vaccine to the US by the end of May, two months ahead of schedule. – CBS MarketWatch

5. Online retail giant Amazon announced plans to hire 3,000 new employees in South Africa, expanding its presence in the continent. – Barchart: NAR Existing-Home Sales Report Shows 0.5% Increase in