Existing-Home Sales Elevated 4.8% in November; Post Strongest Year-Over-Year Increase Since June 2021

Washington, D.C., Dec. 19, 2024 (GLOBE NEWSWIRE) —

Key Highlights

• Existing-home sales ascended 4.8% in November to a seasonally adjusted annual rate of 4.15 million, the swiftest pace since March (4.22 million). Sales accelerated 6.1% from one year ago, the largest year-over-year gain since June 2021 (+23.0%).

• The median existing-home sales price rose 4.7% from November 2023 to $406,100, the 17^th consecutive month of year-over-year price increases.
• The inventory of unsold existing homes slipped 2.9% from the prior month to 1.33 million at the end of November, or the equivalent of 3.8 months’ supply at the current monthly sales pace.

Existing-home sales grew in November, according to the National Association of Realtors^®. Sales advanced in three major U.S. regions and remained steady in the West. Year-over-year, sales climbed in all four regions.
Total existing-home sales[1]– completed transactions that include single-family homes, townhomes, condominiums and co-ops – improved 4.8% from October to a seasonally adjusted annual rate of 4.15 million in November. Year-over-year, sales bounced 6.1% (up from 3.91 million in November 2023).
“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%.”
Total housing inventory[2] 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[3] 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 added.
REALTORS^® Confidence Index
According to the monthly REALTORS^® Confidence Index, 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. NAR’s 2024 Profile of Home Buyers and Sellers – released November 2024[4] – found that the annual share of first-time buyers was 24%, the lowest ever recorded.
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[5] – foreclosures and short sales – represented 2% of sales in November, virtually unchanged from last month and the previous year.
Mortgage Rates
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.6% as of December 12. That’s down from 6.69% one week ago and 6.95% one year ago.
Single-family and Condo/Co-op Sales
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 condominium and co-op sales increased 2.6% in November to a seasonally adjusted annual rate of 390,000 units, down 4.9% from one year ago (410,000). The median existing condo price was $359,800 in November, up 2.8% from the prior year ($350,100).
Regional Breakdown
Existing-home sales in the Northeast in November 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 grew 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 rose 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 were unchanged 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.
About the National Association of Realtors^®
As America’s largest trade association, the National Association of Realtors^® 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.

# # #

For local information, please contact the local association of Realtors^® for data from local multiple listing services (MLS). Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.
NOTE: NAR’s Pending Home Sales Index for November will be released December 30, and Existing-Home Sales for December will be released January 24, 2025. Release times are 10 a.m. Eastern. See NAR’s statistical news release schedule.

Information about NAR is available at nar.realtor. This and other news releases are posted in the newsroom at nar.realtor/newsroom. Statistical data in this release, as well as other tables and surveys, are posted in the “Research and Statistics” tab.

---

[1]Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR benchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.
Existing-home sales, based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90% of total home sales, are based on a much larger data sample – about 40% of multiple listing service data each month – and typically are not subject to large prior-month revisions.
              The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.
              Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

[2]Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90% of transactions and condos were measured only on a quarterly basis).

[3]The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.
The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR’s quarterly metro area price reports.

 [4]Survey results represent owner-occupants and differ from separately reported monthly findings from NAR’s REALTORS^® Confidence Index, which include all types of buyers. The annual study only represents primary residence purchases, and does not include investor and vacation home buyers. Results include both new and existing homes.

[5]Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR’s REALTORS^® Confidence Index, posted at nar.realtor.

Attachment

• Infographic

Wall St Business News, Latest and Up-to-date Business Stories from Newsmakers of Tomorrow