NAR data: Existing-home sales up 4.8% in November but stay unchanged in West

Nationwide existing-home sales grew in November, according to the National Association of Realtors’ (NAR) monthly report. Sales were up 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 — completed transactions that include single-family homes, townhomes, condominiums and co-ops — improved 4.8 percent from October to a seasonally adjusted annual rate of 4.15 million in November. Year-over-year, sales climbed 6.1 percent (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 percent and 7 percent.”

Total housing inventory registered at the end of November was 1.33 million units, down 2.9 percent from October but up 17.7 percent 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 percent from one year earlier ($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.

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 percent of sales in November, up from 27 percent in October but down from 31 percent in November 2023. NAR’s 2024 Profile of Home Buyers and Sellers, — released in November — the annual share of first-time buyers was 24 percent, the lowest ever recorded.

Cash sales accounted for 25 percent of transactions in November, down from 27 percent in both October 2024 and November 2023.

Individual investors or second-home buyers, who make up many cash sales, purchased 13 percent of homes in November, down from 17 percent in October and 18 percent in November 2023.

Distressed sales — foreclosures and short sales — represented 2 percent of sales in November, virtually unchanged from October and the previous year.

In the West, existing-home sales were unchanged in November at an annual rate of 770,000, up 14.9 percent from a year ago. The median price in the West was $628,200, up 4 percent from November 2023.