Dive Brief:
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An early prediction for the next round of home sales statistics puts November’s pace dead even with October’s.
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Auction.com’s Nowcast report is a new collaboration with Google that uses real-time real estate data to predict monthly home sales earlier than the national Association of Realtors, the National Association of Home Builders, and the Census Bureau. This report projects November sales that equal the October figures released last week by NAR.
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The report attributes the lack of growth to fewer investor purchases and first-time buyers, the tight credit market, and dwindling inventory of homes for sale.
Dive Insight:
If the prediction is accurate once the month is finished—and its October forecast was—November home sales will be greater than sales in November 2013. So even without any growth over last month, home sales aren’t losing momentum.