Existing-home sales were at a seasonally adjusted annual rate of 4.13 million in November, an increase 0.5% compared with October but down 1.0% compared with November 2024, according to the National Association of Realtors (NAR).
Regionally, and month-over-month, existing-home sales increased in the Northeast and South, showed no change in the West, and fell in the Midwest, according to NAR’s Existing-Home Sales Report.
Year-over-year, sales showed no change in the Northeast and South, and decreased in the Midwest and West.
“Existing-home sales increased for the third straight month due to lower mortgage rates this autumn,” says Lawrence Yun, chief economist for NAR, in a statement. “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.”
“Wage growth is outpacing home price gains, which improves housing affordability,” Yun adds. “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 percent 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.”
‘Photo: Scott Webb