November’s existing-home sales grew 4.8% to a seasonally adjusted annual rate of 4.15 million, the fastest pace since March (4.22 million), according to the National Association of Realtors (NAR). Sales accelerated 6.1% from one year ago, which is the largest year-over-year gain since June 2021 (+23.0%).
Sales advanced in three major U.S. regions and remained steady in the West. Year-over-year, sales climbed in all four regions.
"Home sales momentum is building," says 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%."
Total housing inventory registered at the end of November 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.
The median existing-home price for all housing types in November was $406,100, up 4.7% from one year ago ($387,800). All four U.S. regions posted price increases.
"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 adds.
Properties typically remained on the market for 32 days in November, up from 29 days in October and 25 days in November 2023.
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.
Individual investors or second-home buyers, who make up many cash sales, purchased 13% of homes in November, down from 17% in October and 18% in November 2023. Distressed sales–foreclosures and short sales–represented 2% of sales in November, virtually unchanged from last month and the previous year.
"The pace of home resales rebounded in November, even though mortgage rates went up. Some of the increase can be attributed to hurricanes Helene and Milton, which postponed some closings from October to November," says Holden Lewis, home and mortgage expert at NerdWallet. "The supply of homes for sale fell to its lowest level since May, which is a sign that people are eagerly buying what's available as long as it's in decent shape and it's affordable at current interest rates and prices."
Single-family home sales progressed 5.0% to a seasonally adjusted annual rate of 3.76 million in November, up 7.4% from the previous year. The median existing single-family home price was $410,900 in November, up 4.8% from November 2023.
Existing Home Sales by Region
Existing-home sales in the Northeast jumped 8.5% from October to an annual rate of 510,000, up 6.3% from November 2023. The median price in the Northeast was $475,500, up 9.9% from last year.
In the Midwest, existing-home sales increased 5.3% in November to an annual rate of 1 million, up 5.3% from the previous year. The median price in the Midwest was $302,000, up 7.3% from November 2023.
Existing-home sales in the South ascended 5.6% from October to an annual rate of 1.87 million in November, up 3.3% from one year before. The median price in the South was $361,300, up 2.8% from one year earlier.
In the West, existing-home sales remained the same in November at an annual rate of 770,000, up 14.9% from a year ago. The median price in the West was $628,200, up 4.0% from November 2023.
New-Home Sales
Sales of new single-family houses in November 2024 were at a seasonally adjusted annual rate of 664,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 5.9% above the revised October rate of 627,000 and is 8.7% above the November 2023 estimate of 611,000.
The median sales price of new houses sold in November 2024 was $402,600 while the average sales price was $484,800.
The seasonally-adjusted estimate of new houses for sale at the end of November was 490,000, which represents a supply of 8.9 months at the current sales rate.
