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Existing Home Sales Up in November

WRE NEWS December 22, 2024

Buyer

Existing Home Sales Up in November

Existing home sales were on the rise in November, according to new data from the National Association of Realtors (NAR).

Last month, total existing home sales were up 4.8% from October to a seasonally adjusted annual rate of 4.15 million in November. On a year-over-year measurement, sales were up 6.1% from 3.91 million in November 2023. Sales rose in three major regions month-over-month and remained steady in the West, while activity recorded year-over-year upswings in all four regions.

During November, the total housing inventory was 1.33 million units, down 2.9% from October but up 17.7% from one year ago (1.13 million). Unsold inventory sits at a 3.8-month supply at the current sales pace, down from 4.2 months in October but up from 3.5 months in November 2023.

Last month’s median existing home price for all housing types was $406,100, up 4.7% from the $387,000 recorded one year earlier. All four U.S. regions posted price increases.

First-time buyers were responsible for 30% of sales in November, up from 27% in October but down from 31% in November 2023. Cash sales accounted for 25% of transactions in November, down from 27% in both October 2024 and November 2023.

“Home sales momentum is building,” said NAR Chief Economist Lawrence Yun. “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%.”

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