Existing home sales inched up by 0.5% month-over-month in November to a seasonally adjusted annual rate of 4.13 million, according to data from the National Association of Realtors (NAR). Compared to November 2024, sales are down by 1.0%.
Month-over-month sales were up in the Northeast and South, down in the West and unchanged in the West, and fell in the Midwest. Year-over-year sales showed no change in the Northeast and South and declines in the Midwest and West.
The total housing inventory of 1.43 million units in November was down 5.9% from the prior month and up 7.5% from one year earlier (1.33 million). The 4.2-month supply of unsold inventory is down from 4.4 months in October and up from 3.8 months in November 2024.
The median existing home price in November was $409,200 for all housing types, up 1.2% from one year ago ($404,400). This marked the 29th consecutive month of year-over-year price increases.
“Existing-home sales increased for the third straight month due to lower mortgage rates this autumn,” said NAR Chief Economist Lawrence Yun. “However, inventory growth is beginning to stall. With distressed property sales at historic lows and housing wealth at an all-time high, homeowners are in no rush to list their properties during the winter months.”
Yun added, “Wage growth is outpacing home price gains, which improves housing affordability. Still, future affordability could be hampered if housing supply fails to keep pace with demand. As has been the case throughout the year, single-family home sales outperformed condominium sales in November. The typical price of a sold condo was 13.5% lower than the typical price of a single-family home. However, the purchase price does not include the condominium association fees, which are rising and making these purchases more expensive.”
