Existing-home sales rose 1.9% M/M in November. From one year ago, the inventory of unsold homes decreased 13.3% to 1.11 million (2.1-month supply at current sales pace). Properties remained on the market for 18 days & 83% of homes sold were on the market for less than a month. 
A higher velocity of sales (lower days on markets) helps to explain a housing market characterized by both higher sales & lower inventory levels. Purchase apps have been pointing to a strong end to the year for home sales as low rates & demographics continue to boost demand.
Speaking of purchase applications- they are on track to end the year at the highest level since 2008 (excluding 2020). In the week ending 12/17, the avg purchase loan increased to $416,200 - the second highest amount ever (the highest was in February 2021 at $418,000).
Higher average purchase loan amount may indicate more activity at the highest end of the market. Indeed, November's EHS report confirms the increase in home sales relative to one year ago was strongest at the upper end of the market.
Since first-time home buyers generally don’t purchase at the higher end of the market, the home sales at these price points are typically occurring among existing homeowners, who are playing “housing musical chairs” by selling to each other.
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