The National Association of Realtors (NAR) announced on Tuesday that the U.S. existing home sales fell 2.5 percent m-o-m to a seasonally adjusted rate of 6.69 million in November from a revised 6.86 million in October (originally 6.85 million). That was first monthly decline since May.

Economists had forecast home resales decreasing to a 6.70 million-unit pace last month.

In y-o-y terms, existing-home sales surged 25.8 percent in November.

According to the report, three of the four major regions recorded m-o-m declines in existing-home sales in November but all four regions rose from one year ago. Single-family home sales stood at a seasonally-adjusted annual rate of 5.98 million in November, down 2.4 percent from 6.13 million in October, and up 25.6 percent from one year ago. The median existing single-family home price was $315,500 in November, up 15.1 percent from November 2019. Meanwhile, existing condominium and co-op sales were recorded at a seasonally-adjusted annual rate of 710,000 units in November, down 2.7 percent from October and up 26.8 percent from one year ago. The median existing condo price was $271,400 in November, an advance of 9.5 percent from a year ago.

"Home sales in November took a marginal step back, but sales for all of 2020 are already on pace to surpass last year's levels," said Lawrence Yun, NAR's chief economist. "Given the COVID-19 pandemic, it's amazing that the housing sector is outperforming expectations." He also noted that circumstances were far from being back to the pre-pandemic normal. "However, the latest stimulus package and with the vaccine distribution underway, and a very strong demand for homeownership still prevalent, robust growth is forthcoming for 2021," Yun added.