NAR: November Existing-Home Sales Rose 4.8%, Strongest Y-O-Y Gain Since June 2021

The National Association of Realtors reported that existing house sales increased in November. Sales grew in three major U.S. regions while remaining stable in the West.

Sales increased year over year in all four regions.

Total existing-home sales1 (finished deals that include single-family homes, townhomes, condominiums, and co-ops) increased 4.8% from October to a seasonally adjusted annual pace of 4.15 million in November.

Sales increased by 6.1% year on year, rising from 3.91 million in November 2023.

“Home sales momentum is building,” said Lawrence Yun, Chief Economist for the National Association of Realtors.

“More buyers have entered the market as the economy continues to add jobs, housing inventory grows compared to a year ago, and consumers get used to a new normal of mortgage rates between 6% and 7%.”

The total housing inventory2 registered at the end of November was 1.33 million units, down 2.9% from October but up 17.7% from the previous year (1.13 million).

At the current sales pace, unsold inventory stands at 3.8 months, down from 4.2 months in October but up from 3.5 months in November 2023.

The median existing-home price3 for all dwelling types was $406,100 in November, up 4.7% from the previous year ($387,800). Prices rose in all four areas of the United States.

“Existing homeowners are capitalizing on the collective $15 trillion rise in housing equity over the past four years to look for homes better suited to their changing life circumstances,” Yun told reporters.

Realtors Confidence Index

According to the monthly REALTORS Confidence Index, houses were on the market for an average of 32 days in November, up from 29 days in October and 25 days in November 2023.

First-time purchasers accounted for 30% of transactions in November, up from 27% in October but lower than 31% in November 2023.

NAR’s 2024 Profile of Home purchasers and Sellers, released in November 2024, indicated that the annual share of first-time purchasers was 24%, the lowest ever recorded.

Cash sales made up 25% of transactions in November, down from 27% in October 2024 and November 2023.

Individual investors or second-home purchasers, who account for many cash transactions, bought 13% of homes in November, down from 17% in October and 18% in November 2023.

Sale of distressed goods5 – Foreclosures and short sales – accounted for 2% of transactions in November, remaining practically constant from the previous month and year.

Mortgage rates

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.6% as of December 12th. This is down from 6.69% one week ago and 6.95% one year ago.

Single-family and condo/co-op sales

In November, single-family house sales increased 5.0% to 3.76 million, a seasonally adjusted annual rate that was 7.4% higher than the previous year.

In November, the typical existing single-family home price was $410,900, an increase of 4.8% from November 2023.

Existing condominium and co-op sales rose 2.6% in November to a seasonally adjusted annual pace of 390,000 units, down 4.9% from a year earlier (410,000).

In November, the median existing condo price was $359,800, a 2.8% increase from the previous year ($350,100).

Regional breakdown

In November, existing-home sales in the Northeast increased 8.5% from October to an annual rate of 510,000, up 6.3% from November 2023. The median price in the Northeast was $475,500, a 9.9% increase from the previous year.

In the Midwest, existing-home sales increased 5.3% in November to 1 million, up 5.3% over the prior year. The median price in the Midwest was $302,000, a 7.3% increase from November 2023.

Existing-home sales in the South increased 5.6% from October to 1.87 million in November, a 3.3% increase over the previous year. The South’s median price was $361,300, up 2.8% from a year before.

In the West, existing-home sales remained constant in November at 770,000, up 14.9% from a year ago. The median price in the West was $628,200, a 4.0% increase from November 2023.

[Read more about this on nar.realtor]