Kevin Sears President | Official website
Existing-home sales in the United States rose by 0.5% in November to a seasonally adjusted annual rate of 4.13 million, according to data released by the National Association of Realtors (NAR). This marks the third consecutive month of increased sales, driven by lower mortgage rates seen during autumn.
The NAR report shows that unsold housing inventory dropped by 5.9% from October to 1.43 million units, representing a 4.2-month supply at the current sales pace. Compared to one year ago, existing-home sales were down by 1%, while the median price for existing homes climbed by 1.2% to $409,200.
Sales performance varied across regions in November. The Northeast and South experienced monthly gains of 4.1% and 1.1%, respectively, while the West saw no change and the Midwest recorded a decline of 2%. On an annual basis, sales remained steady in the Northeast and South but decreased in both the Midwest and West.
"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." He also noted differences between property types: "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."
Single-family home sales grew by 0.8% over October but fell slightly compared with last year; their median sale price reached $414,300—a rise of 1.2%. Condominium and co-op transactions declined both month-over-month (down 2.6%) and year-over-year; their median price edged up just 0.1% to $358,600.
Regionally, median prices ranged from $319,400 in the Midwest (up nearly 6% from last year) to $618,900 in the West (down almost 1%). The time properties spent on market increased modestly: homes were listed for a median of 36 days before selling.
Other findings from NAR’s REALTORS Confidence Index show that first-time buyers made up about 30% of purchases—unchanged from a year ago—and cash transactions accounted for just over one-quarter of deals.
The average rate on a conventional thirty-year fixed-rate mortgage fell slightly in November to around 6.24%, easing some pressure on buyers compared with previous months.
The National Association of Realtors plans further releases on pending home sales later this month as it continues tracking trends across U.S residential real estate markets.
