Existing-Home Sales Rise 4.8% in November

WASHINGTON — 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, the National Association of Realtors® said on Thursday. 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 20244 – 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.

Source: National Association of Realtors

© 2024 Florida Realtors®