Key Points:
- Existing-home sales rose 4.8% in November from October to a seasonally adjusted annual rate of 4.15 million.
- Sales accelerated 6.1% from one year ago, the largest year-over-year gain since June 2021 (+23.0%).
- The median existing-home sales price rose 4.7% from November 2023 to $406,100, the 17th consecutive month of year-over-year price increases.
- First-time buyers were responsible for 30% of sales in November, up from 27% in October but down from 31% 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%.”
- The Right Facts will continue to monitor home sales.