The National Association of Realtors (NAR) Existing-Home Sales Report shows a an estimated 0.5% increase in existing-home sales in November. The report gives information on the volume of home sales, prices, and inventory to the real estate market, which includes agents, buyers, and sellers.
The Northeast and South had month-over-month sales growth, while the West saw no change and the Midwest saw a decline. The Northeast and South had no change in year-over-year (YoY) sales, while the Midwest and West saw a decline.
“Existing-home sales increased for the third straight month due to lower mortgage rates this autumn,” said Lawrence Yun, Chief Economist at NAR. “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.”
Total Existing-Home Sales for November
- An estimated 0.5% increase in existing-home sales month-over-month (MoM) to a seasonally adjusted annual rate of 4.13 million.
- Roughly 1.0% decrease in sales YoY.
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 YoY price increases.
“Existing home sales are showing some signs of improvement nationwide, but it’s important to look at what’s happening regionally and locally to paint an accurate picture,” said Hector Amendola, CMB, President of Panorama Mortgage Group. “The American Dream becomes beyond reach for everyday people. To achieve a true shift in the right direction that supports long term, sustainable growth in the housing market, we need stable prices, job market improvements, and more new home inventory priced for average Americans.”
Single-Family and Condo/Co-op Sales
Single-Family Homes in November
- 0.8% increase in sales MoM 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.
“Wage growth is outpacing home price gains, which improves housing affordability, Yun said. “Still, future affordability could be hampered if housing supply fails to keep pace with demand. 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 MoM to a seasonally adjusted annual rate of 4.13 million.
- 1.0% decrease in sales YoY.
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.
“The National Association of Realtors is expected to report that existing home sales were down slightly in November,” said Dr. Lisa Sturtevant, Chief Economist at Bright MLS. “Despite mortgage rates that are close to a 12-month low, home buyers are still cautious for at least a couple of reasons. First, even with a dip in mortgage rates, home prices are still rising in many places, and affordability is still a major constraint. In October, the median sold price was $415,200. At a mortgage rate of 6.25%, the monthly payment would be about $2,840. A year ago, mortgage rates were higher (averaging 6.43% in October 2024) but home prices were lower (a median price of $410,000), which means that the median monthly payment has not budged over the past year even as rates have come down.”
Single-Family and Condo/Co-op Sales
Single-Family Homes in November
- 0.8% increase in sales MoM 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 MoM and YoY to a seasonally adjusted annual rate of 380,000.
- $358,600: Median price, up 0.1% from November 2024.
Regional Snapshot
Existing-Home Sales in November Northeast
- 4.1% increase in sales MoM to an annual rate of 510,000, unchanged YoY.
- $480,800: Median price, up 1.1% from November 2024.
Midwest
- 2.0% decrease in sales MoM to an annual rate of 970,000, down 3.0% YoY.
- $319,400: Median price, up 5.8% from November 2024.
South
- 1.1% increase in sales MoM to an annual rate of 1.89 million, unchanged YoY.
- $361,000: Median price, up 0.8% from November 2024.
West
- $618,900: Median price, down 0.9% from November 2024.
- No change in sales MoM for an annual rate of 760,000, down 1.3% YoY.
“Second, buyers are also concerned about their financial situations. Anxiety over the job security and prices of goods and services has made some buyers hold back,” said Sturtevant. “Winter is typically the slowest time for the housing market, and this year will be no exception. When the full year’s worth of home sales data are in, overall 2025 sales will be slightly higher than 2024 but still well below long-term averages. There is a lot of uncertainty heading into the 2026 housing market. There will be a lot of push-and-pull factors in the market. Mortgage rates are expected to come down, which should bring out more buyers. But labor market conditions could also weaken, which could hold buyers back. Inventory is on the rise, bringing more options for buyers. However, markets with the strongest demand are still seeing very low supply.”
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