Existing home sales jumped in November
NAR reports the biggest year-over-year jump since June 2021.
The National Association of Realtors (NAR) is reporting that existing homes sales rose by 4.8 percent in November 2024 to a seasonally adjusted annual rate of 4.15 million. That's the biggest monthly tabulation since March (4.22 million). It's also the largest year-over-year gain since June 2021 (+23 percent).
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According to NAR Chief Economist Lawrence Yun: "Home sales momentum is building. 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 percent."
Additionally, NAR's latest data shows:
- The median existing-home sales price rose 4.7 percent from November 2023 ($387,800) to $406,100, the 17th consecutive month of year-over-year price increases.
- The inventory of unsold existing homes slipped 2.9 percent 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.
More tidbits from NAR's recent data include:
- 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.
- 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 last month and the previous year.
Meanwhile, NAR offers this regional breakdown:
- Existing-home sales in the Northeast in November jumped 8.5 percent from October to an annual rate of 510,000, up 6.3 percent from November 2023. The median price in the Northeast was $475,500, up 9.9 percent from last year.
- In the Midwest, existing-home sales grew 5.3 percent in November to an annual rate of 1 million, up 5.3 percent from the previous year. The median price in the Midwest was $302,000, up 7.3 percent from November 2023.
- Existing-home sales in the South rose 5.6 percent from October to an annual rate of 1.87 million in November, up 3.3 percent from one year before. The median price in the South was $361,300, up 2.8 percent from one year earlier.
- 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 4.0 percent from November 2023.
