Sales of existing homes in the United States posted an improvement from the previous month in November, the second consecutive month of increases. However, sales were down from the same month in the previous year for the ninth straight month.

The National Association of Realtors reported that the annual rate for existing home sales—including single-family homes, condominiums, townhomes, and condominiums—stood at 5.32 million. This was up 1.9 percent from October, but a year-over-year decline of 7 percent.

"The market conditions in November were mixed, with good signs of stabilizing home sales compared to recent months, though still down significantly from one year ago," said Lawrence Yun, chief economist at the National Association of Realtors. "Rising inventory is clearly taming home price appreciation."

A total of 1.74 million homes were listed for sale in November, down from 1.85 million in October. However, this was an improvement from 1.67 million listings in November 2017. The inventory of existing homes for sale shrank on an annual basis for three straight years before posting a modest increase in June; the number of listings has matched or exceeded the previous year's levels since then.

Home prices continued to climb on an annual basis for the 81st month in a row. The median home sold in November for $257,700, a year-over-year increase of 4.2 percent.

Single-family homes had a seasonally adjusted annual sales rate of 4.71 million, up from 4.62 million in the previous month but down from 5.05 million from the previous year. The median sale price for this type of property was $260,500, an annual gain of 5 percent.

Sales of existing condominiums and co-ops stood at an annual rate of 610,000 units, up 1.7 percent from October but dropping 9 percent from November 2017. The median price for this type of residence was down 1.3 percent from the previous year to $236,400.

"A marked shift is occurring in the West region, with much lower sales and very soft price growth," said Yun. "It is also the West region where consumers have expressed the weakest sentiment about home buying, largely due to lack of affordable housing inventory."

The West was the only region with both a monthly and annual decrease in its seasonally adjusted sales rate. This stood at 1.04 million in November, falling 6.3 percent from the previous month and 15.4 percent from the previous year. Median home price growth was the slowest of the four regions in the report, rising 1.8 percent to $380,600.

Properties were typically spending more time on the market before finding a buyer. The average home sold in November had been listed for 42 days, up from 36 days in October and 40 days in November 2017. Forty-three percent of homes sold during the month found a buyer within a month.

"It is not surprising to see homes remain on the market a little longer," said John Smaby, president of the National Association of Realtors. "Buyers can often negotiate a more favorable price in those circumstances, especially when paired with a motivated seller and the aid of a Realtor familiar with their local market."

Mortgage rates inched closer to 5 percent. According to Freddie Mac, the average commitment rate for a 30-year fixed rate mortgage in November stood at 4.87 percent – up from 4.83 percent in October and 3.99 percent for 2017 as a whole.

One out of every three homes sold during the month went to someone buying their first home. This first-time buyer share was up from 31 percent in the previous month and 29 percent in the previous year.

Distressed sales hovered at record lows, with foreclosures and short sales representing just 2 percent of November's existing home sales. This was down from 3 percent in October and 4 percent in November 2017.

Twenty-one percent of November's sales were made without financing, dropping from 23 percent in the previous month and 22 percent in the previous year. Individual investors, who usually account for a significant number of all-cash sales, bought 13 percent of existing homes sold in November – a drop of 2 percentage points from October and 1 point from November 2017.

The seasonally adjusted annual sales rate in the Northeast stood at 740,000, up 7.2 percent from October but a year-over-year drop of 2.6 percent. The median home price in this region rose 6.5 percent from the previous year to $291,400.

The rate in the Midwest was 1.34 million sales, down 4.3 percent from the previous month but up 5.5 percent from the previous year. The median home price in the region rose 2.6 percent to $199,100.

In the South, the sales rate was up 2.3 percent from October but down 5.6 percent from November 2017 to 2.2 million. The median sales price in the region was $223,600, an increase of 3.2 percent from the previous year.