Existing-home sales increased by 0.5% in November, according to the National Association of REALTORS® (NAR) Existing-Home Sales Report. The month-over-month gain equated to a seasonally adjusted annual rate of 4.13 million existing homes sold in November.
Year over year, there was a 1.0% decrease in existing-home sales, contributing to a 1.2% increase in the median sales price of those homes, which stood at $409,200.
“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.”
There was a monthly 5.9% decrease in unsold total inventory in November, bringing it to 1.43 million units, equal to 4.2 months’ supply.
“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 noted. “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 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, 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
- Average 30-year fixed-rate mortgage: 6.24% 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
- Median existing-home price: $414,300 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
- Median existing-home price: $358,600, up 0.1% from November 2024
Regional Snapshot
Northeast
- 4.1% increase in sales month over month, to an annual rate of 510,000; unchanged year over year
- Median existing-home price: $480,800, 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
- Median existing-home price: $319,400, 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
- Median existing-home price: $361,000, 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
- Median existing-home price: $618,900, down 0.9% from November 2024
REALTORS® Confidence Index for November
- Median time on market for properties: 36 days, up from 34 days last month and 32 days in November 2024
- First-time homebuyers: 30% of sales, unchanged from November 2024 and down from 32% last month
- Cash sales: 27% of transactions, down from 29% a month ago and up from 25% in November 2024
- Individual investors or second-home buyers: 18% of transactions, up from 16% last month and from 13% in November 2024.
- Distressed sales (foreclosures and short sales): 2% of sales, unchanged from a month ago and November 2024
About the National Association of REALTORS® (NAR)
The National Association of REALTORS® (NAR) is involved in all aspects of residential and commercial real estate. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics. For free consumer guides about navigating the homebuying and selling transaction processes—from written buyer agreements to negotiating compensation—visit facts.realtor.
