Existing home sales were up 0.5 percent month over month in November. But NAR’s Lawrence Yun also said “homeowners are in no rush to list their properties.”
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New numbers from the National Association of Realtors show that home sales ticked up slightly in November, though the overall picture of the housing market remains decidedly mixed.
The numbers, in a NAR report released Friday, specifically show that existing home sales rose 0.5 percent in November relative to October. NAR Chief Economist Lawrence Yun noted in the report that November is thus the third straight month in which home sales rose.
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On the other hand, sales were down 1 percent in November compared to the same time in 2024. By region, year-over-year sales were flat in the Northeast and South, and decreased in the West and Midwest.
In NAR’s report, Yun also concluded that “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,” Yun added of the inventory situation.
NAR’s findings are in line with other recent reports that have indicated that seasonal cooling is sweeping the U.S. housing market right now.
Aside from small movements in sales numbers, NAR’s report further noted that the median price for an existing home in November was $409,200, up 1.2 percent compared to one year earlier. Total U.S. inventory stood at 1.43 million units, down 5.9 compared to October but up 7.5 percent from November 2024.
On the topic of affordability, Yun had both good and bad news.
“Wage growth is outpacing home price gains, which improves housing affordability,” Yun said in the report. “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 percent 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.”
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