NAR: Northeast Existing-Home Sales Rose 4.1% in November
WASHINGTON—Existing-home sales increased by 0.5% in November, according to the National Association of Realtors Existing-Home Sales Report released on Dec. 19.
Month-over-month sales increased in the Northeast and South, showed no change in the West, and fell in the Midwest. Year-over-year sales showed no change in the Northeast and South, and decreased in 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.”
“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,” Yun added. “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.”
National Snapshot
Total Existing-Home Sales for November
- 0.5% increase in existing-home sales month-over-month to a seasonally adjusted annual rate of 4.13 million.
- 1.0% decrease in sales year-over-year.
Inventory in November
- 1.43 million units: Total housing inventory, down 5.9% from October and up 7.5% from November 2024 (1.33 million).
- 4.2-month supply of unsold inventory, down from 4.4 months in October and up from 3.8 months in November 2024.
Median Sales Price in November
$409,200: Median existing-home price for all housing types, up 1.2% from one year ago ($404,400) – the 29th consecutive month of year-over-year price increases.
Mortgage Rates
6.24%: The average 30-year fixed-rate mortgage in November, according to Freddie Mac, down from 6.25% in October and 6.81% one year ago.
Single-Family and Condo/Co-Op Sales
Single-Family Homes in November
- 0.8% increase in sales month-over-month to a seasonally adjusted annual rate of 3.75 million, down 0.8% from November 2024.
- $414,300: Median home price in November, up 1.2% from last year.
Condominiums and Co-Ops in November
- 2.6% decrease in sales month-over-month and year-over-year to a seasonally adjusted annual rate of 380,000.
- $358,600: Median price, up 0.1% from November 2024.
Regional Snapshot for Existing-Home Sales in November
Northeast
- 4.1% increase in sales month-over-month to an annual rate of 510,000, unchanged year-over-year.
- $480,800: Median price, up 1.1% from November 2024.
Midwest
- 2.0% decrease in sales month-over-month to an annual rate of 970,000, down 3.0% year-over-year.
- $319,400: Median price, up 5.8% from November 2024.
South
- 1.1% increase in sales month-over-month to an annual rate of 1.89 million, unchanged year-over-year.
- $361,000: Median price, up 0.8% from November 2024.
West
- No change in sales month-over-month for an annual rate of 760,000, down 1.3% year-over-year.
- $618,900: Median price, down 0.9% from November 2024.
Realtors Confidence Index for November
- 36 days: Median time on market for properties, up from 34 days last month and 32 days in November 2024.
- 30% of sales were first-time homebuyers, unchanged from November 2024 and down from 32% last month.
- 27% of transactions were cash sales, down from 29% a month ago and up from 25% in November 2024.
- 18% of transactions were individual investors or second-home buyers, up from 16% last month and from 13% in November 2024.
- 2% of sales were distressed sales (foreclosures and short sales), unchanged from a month ago and from November 2024.
