Existing-Home Sales Elevated 4.8% in November

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

National Association of REALTORS®, article by Troy Green | December 19, 2024

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 17th 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.

WASHINGTON (December 19, 2024) – 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 – 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 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 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 – 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 – 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.

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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.