November 2024 Monthly Statistics

U.S. existing home sales rose by 3.4% month-over-month and 2.9% year-over-year, reaching a seasonally adjusted annual rate of 3.96 million units, according to the National Association of REALTORS® (NAR). This performance exceeded economists’ expectations and marked the first annual gain since July 2021. The increase in sales was largely driven by lower mortgage rates in late summer and early fall, which spurred activity across all four regions of the country.

New listings saw a notable increase, rising by 33.3% for single-family homes and 0.7% for condominiums. However, pending sales showed a mixed performance, increasing by 3.2% for single-family homes but falling by 35.8% for condominiums. Inventory levels also surged, up by 54.3% for single-family homes and 138.5% for condominiums. The median sales price for single-family homes climbed 16.9% to $1,300,000, while the median price for condominiums dropped by 19.7% to $715,000. The days on the market also increased, by 29.2% for single-family homes and 1.6% for condominiums.

Nationwide, the total number of homes for sale improved by 0.7% month-over-month and 19.1% year-over-year to 1.37 million units, representing a 4.2-month supply at the current sales pace. Despite the increase in available inventory, sales prices remained strong, with the median existing-home price reaching $407,200, a 4% increase from the same time last year.

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