NP SOCIAL: MASTER AUTOPILOT MESSAGES REAL ESTATE UPDATE
		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: Time on Market: Homes typically stayed on the market for 32 days, up from 29 days in October and 25 days in November 2023. First-Time Buyers: First-time buyers accounted for 30% of sales in November, a slight increase from October but lower than the 31% share seen a year ago. NAR’s 2024 Profile of Home Buyers and Sellers reported the annual share of first-time buyers hit a record low of 24%. Cash Sales: Representing 25% of November transactions, cash sales dipped slightly from 27% in October and November 2023. Many of these sales involved individual investors or second-home buyers, whose market share fell to 13%. Distressed Sales: Foreclosures and short sales held steady at just 2% of sales, unchanged from both October and the prior year. 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 Single-Family Homes: Sales rose 5.0% in November, reaching an annual rate of 3.76 million—up 7.4% from November 2023. The median single-family home price increased 4.8% year-over-year to $410,900. Condos and Co-ops: These properties saw a 2.6% sales bump in November, bringing the annualized total to 390,000 units. However, sales were down 4.9% compared to last year. The median price climbed 2.8% year-over-year to $359,800. The November housing market showed resilience and adaptability, with steady inventory growth, rising prices, and robust buyer activity signaling a dynamic close to 2024.								DID YOU KNOW? PET FACT         Cats don't taste sweetness the way we do       800 Linda Flora Drive

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