NAR Existing-Home Sales Report Shows 0.5% Increase in November
MARKET CONDITIONSEXISTING-HOME SALES
NAR Existing-Home Sales Report Shows 0.5% Increase in November
National Association of REALTORS®, Media Relations | December 19, 2025
Month Over Month
0.5% increase in existing-home sales – seasonally adjusted annual rate of 4.13 million in November
5.9% decrease in unsold inventory – 1.43 million units equal to 4.2 months' supply
Year Over Year
1.0% decrease in existing-home sales
1.2% increase in median existing-home sales price to $409,200
WASHINGTON (December 19, 2025) – Existing-home sales increased by 0.5% in November, according to the National Association of REALTORS® Existing-Home Sales Report. The Report provides the real estate ecosystem, including agents and homebuyers and sellers, with data on the level of home sales, price, and inventory.
Month-over-month sales increased in the Northeast and South, showed no change in the West, and fell in the Midwest. Year-over-year sales showed no change in the Northeast and South, and decreased in the Midwest and West.
"Existing-home sales increased for the third straight month due to lower mortgage rates this autumn," said NAR Chief Economist Lawrence Yun. "However, inventory growth is beginning to stall. With distressed property sales at historic lows and housing wealth at an all-time high, homeowners are in no rush to list their properties during the winter months."
"Wage growth is outpacing home price gains, which improves housing affordability. Still, future affordability could be hampered if housing supply fails to keep pace with demand," Yun added. "As has been the case throughout the year, single-family home sales outperformed condominium sales in November. The typical price of a sold condo was 13.5% lower than the typical price of a single-family home. However, the purchase price does not include the condominium association fees, which are rising and making these purchases more expensive."
National Snapshot
Total Existing-Home Sales for November
0.5% increase in existing-home sales month over month to a seasonally adjusted annual rate of 4.13 million.
1.0% decrease in sales year over year.
Inventory in November
1.43 million units: Total housing inventory, down 5.9% from October and up 7.5% from November 2024 (1.33 million).
4.2-month supply of unsold inventory, down from 4.4 months in October and up from 3.8 months in November 2024.
Median Sales Price in November
$409,200: Median existing-home price for all housing types, up 1.2% from one year ago ($404,400) – the 29th consecutive month of year-over-year price increases.
Single-Family and Condo/Co-op Sales
Single-Family Homes in November
0.8% increase in sales month over month to a seasonally adjusted annual rate of 3.75 million, down 0.8% from November 2024.
$414,300: Median home price in November, up 1.2% from last year.
Condominiums and Co-ops in November
2.6% decrease in sales month over month and year over year to a seasonally adjusted annual rate of 380,000.
$358,600: Median price, up 0.1% from November 2024.
Regional Snapshot
Northeast
4.1% increase in sales month over month to an annual rate of 510,000, unchanged year over year.
$480,800: Median price, up 1.1% from November 2024.
Midwest
2.0% decrease in sales month over month to an annual rate of 970,000, down 3.0% year over year.
$319,400: Median price, up 5.8% from November 2024.
South
1.1% increase in sales month over month to an annual rate of 1.89 million, unchanged year over year.
$361,000: Median price, up 0.8% from November 2024.
West
No change in sales month over month for an annual rate of 760,000, down 1.3% year over year.
$618,900: Median price, down 0.9% from November 2024.
REALTORS® Confidence Index for November
36 days: Median time on market for properties, up from 34 days last month and 32 days in November 2024.
30% of sales were first-time homebuyers, unchanged from November 2024 and down from 32% last month.
27% of transactions were cash sales, down from 29% a month ago and up from 25% in November 2024.
18% of transactions were individual investors or second-home buyers, up from 16% last month and from 13% in November 2024.
2% of sales were distressed sales (foreclosures and short sales), unchanged from a month ago and November 2024.
Mortgage Rates
6.24%: The average 30-year fixed-rate mortgage in November, according to Freddie Mac, down from 6.25% in October and 6.81% one year ago.
About the National Association of REALTORS®
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.
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.