Existing-home sales increased by 4.8% in November to a seasonally adjusted annual rate of 4.15 million

From GlobeNewswire: 2024-12-19 10:00:00

In November, existing-home sales rose 4.8%, reaching a seasonally adjusted annual rate of 4.15 million, the highest since March. The median sales price increased to $406,100, marking the 17th consecutive month of year-over-year price gains. Housing inventory dropped to 1.33 million units, equivalent to a 3.8-month supply at the current sales pace. All four U.S. regions saw sales growth, with prices rising across the board. First-time buyers accounted for 30% of sales, while cash transactions made up 25%. Mortgage rates averaged 6.6%, down from the previous year. Single-family home sales increased by 5.0%, while condo and co-op sales grew by 2.6%. The Northeast saw the largest sales increase of 8.5%, with a median price of $475,500. In the Midwest, sales rose by 5.3% with a median price of $302,000. The South experienced a 5.6% sales increase, with a median price of $361,300. The West had unchanged sales, but the median price rose to $628,200. Existing-home sales data, which includes single-family homes, townhouses, condos, and co-ops, are based on transaction closings from Multiple Listing Services. These sales differ from new single-family home sales data from the U.S. Census Bureau, which are contract-based. The national median condo/co-op price is typically higher than single-family home prices due to market concentration. Distressed sales, days on market, and other real estate data are sourced from NAR’s monthly surveys. The REALTORS® Confidence Index represents primary residence purchases only and excludes investors and vacation home buyers.



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