Existing-home sales increased in November, according to the National Association of Realtors.
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – gained 4.8% from October to a seasonally adjusted annual rate of 4.15 million in November. Year-over-year, sales increased 6.1% (up from 3.91 million in November 2023).
“Home sales momentum is building,” NAR Chief Economist Lawrence Yun said. “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%.”
The 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). At the current sales pace, unsold inventory is at a 3.8-month supply, down from 4.2 months in October but up from 3.5 months in November 2023. A six-month supply is generally considered a balanced housing market.
The median existing-home price for all housing types in November was $406,100, an increase of 4.7% from one year ago ($387,800).
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.6% as of Dec. 12. That’s down from 6.69% one week ago and 6.95% one year ago.
