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Existing home sales grew 2.1% from last November with prices up over 5% year-to-year, according to statistics reported today by the National Association of Realtors.® There is some consternation in the media because November sales dropped noticeably form October, but my view is that month-to-month changes are not something to worry much about, especially when we’re in a time of year when we expect lower home sales activity.

Inventory available to sell is lower in November as people prepare for the holidays, and construction is slower than we might like. Both of these factors are contributing to an increase in prices, which then hinders sales.

via Existing-Home Sales Lose Momentum in November as Inventory Slightly Tightens | realtor.org.

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Here’s the Flagstaff Home Sales Report for November.