Existing-home sales rose 6.1 percent annually in November while three out of four U.S. regions saw increases from 2023, according to new data released Thursday by the National Association of Realtors.
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Existing-home sales rose 6.1 percent in November, the largest year-over-year gain since June 2021, and increased 4.8 percent from October for a seasonally adjusted annual rate of 4.15 million, according to data released Thursday by the National Association of Realtors.
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NAR Chief Economist Lawrence Yun said more buyers are entering the market as they learn to adapt to higher mortgage rates.
“Home sales momentum is building,” Yun said. “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 percent and 7 percent.”
Lawrence Yun
In terms of regional sales, three of the major U.S. regions saw increases, while sales in the West remained stable, according to NAR’s report. Sales grew in all four regions compared to the previous year.
- Northeast: Sales rose 8.5 percent to 510,000 since October, marking a 6.3 percent from November 2023. The price was $475,500, up 9.9 percent from last year.
- Midwest: Sales increased 5.3 percent to 1 million, a 5.3 percent gain year over year. The price was $302,000, reflecting a a 7.3 percent price hike compared to November 2023.
- South: Sales were up 5.6 percent from October to 1.87 million, a 3.3 percent increase from November 2023. The price was $361,300, up 2.8 percent from last year.
- West: Sales held steady at 7700,000 in November, up 14.9 percent from 2023. The price increased 4.0 percent year over year to $628,200.
The median price of existing homes climbed to $406,1000, marking a 4.7 percent increase from $387,800 the previous year. This price hike represents the 17th month of year-over-increases, with all four U.S. regions registering price growth in November.
“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.
At the end of November, housing inventory stood at 1.33 million units, a 2.9 percent decrease from October. However, the figure represents a 17.7 percent increase from a year ago, totaling 1.13 million units.
According to NAR’s 2024 Profile of Home Buyers and Sellers, first-time buyers accounted for 30 percent of November’s sales, while individual investors or second-home buyers purchased 13 percent of homes.