Existing-home sales in the United States saw a significant rise in November, according to data from the National Association of Realtors (NAR). The figures show a 4.8% increase from October, reaching a seasonally adjusted annual rate of 4.15 million units, marking the fastest pace since March. This growth also represents a 6.1% year-over-year increase, the largest since June 2021.

Lawrence Yun, NAR Chief Economist, noted that "home sales momentum is building," attributing this to more buyers entering the market as job growth continues and consumers adjust to mortgage rates between 6% and 7%.

The median price for existing homes rose by 4.7% compared to November last year, reaching $406,100. Inventory levels decreased by 2.9% from October but showed a notable increase of 17.7% from one year ago.

In regional terms, existing-home sales advanced in three major U.S. regions while remaining steady in the West. All four regions reported price increases.

The REALTORS Confidence Index highlighted that properties typically stayed on the market for an average of 32 days in November, longer than both October and November of last year.

First-time buyers accounted for 30% of all transactions in November, up slightly from October but down from the previous year. Cash sales made up 25% of transactions during this period.

Mortgage rates averaged at 6.6% as of December 12 according to Freddie Mac data.

Sales figures varied across housing types; single-family home sales increased by 5%, while condominium and co-op sales saw a smaller rise of 2.6%.

Regionally, the Northeast experienced an impressive jump in sales by 8.5%, while other areas like the Midwest and South saw moderate gains.

For further insights into local markets or additional data details, interested parties are encouraged to contact local Realtor associations or refer to NAR's scheduled statistical releases.