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EXISTING-HOME SALES SOAR IN NOVEMBER: STRONGEST YEARLY GAIN SINCE 2021 The housing market is on the rise, with existing-home sales experiencing a notable boost in November. According to the National Association of Realtors® (NAR), sales increased across three major U.S. regions, holding steady in the West, and saw impressive year-over-year growth nationwide. Total existing-home sales—which include single-family homes, townhomes, condominiums, and co-ops—jumped 4.8% from October to a seasonally adjusted annual rate of 4.15 million in November. Compared to November 2023, sales surged by 6.1%. "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%." HOUSING INVENTORY: A MIXED PICTURE At the end of November, total housing inventory stood at 1.33 million units. While this marked a 2.9% drop from October, it represented a significant 17.7% increase compared to a year ago. Unsold inventory equated to a 3.8-month supply at the current sales pace—down from 4.2 months in October but higher than November 2023’s 3.5 months. PRICES ON THE RISE The median price for existing homes reached $406,100 in November, a 4.7% increase from the previous year. Every U.S. region posted price gains, signaling strong buyer demand and steady appreciation. "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 added. KEY MARKET INSIGHTS: REALTORS® CONFIDENCE INDEX The November REALTORS® Confidence Index highlights critical trends shaping the market:
MORTGAGE RATES EASE SLIGHTLY Freddie Mac reported that the 30-year fixed-rate mortgage averaged 6.6% as of December 12, slightly lower than the prior week’s 6.69% and down from 6.95% a year ago. While rates remain elevated compared to historical norms, the small decline offers buyers a touch of relief. SINGLE-FAMILY HOMES AND CONDOS: SALES SNAPSHOT
The November housing market showed resilience and adaptability, with steady inventory growth, rising prices, and robust buyer activity signaling a dynamic close to 2024. |
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