{"id":6716,"date":"2024-12-19T16:01:14","date_gmt":"2024-12-19T16:01:14","guid":{"rendered":"https:\/\/realestateagentmagazine.com\/?p=6716"},"modified":"2024-12-19T16:01:14","modified_gmt":"2024-12-19T16:01:14","slug":"existing-home-sales-elevated-4-8-in-november-post-strongest-year-over-year-increase-since-june-2021","status":"publish","type":"post","link":"https:\/\/realestateagentmagazine.com\/existing-home-sales-elevated-4-8-in-november-post-strongest-year-over-year-increase-since-june-2021","title":{"rendered":"Existing-Home Sales Elevated 4.8% in November; Post Strongest Year-Over-Year Increase Since June 2021"},"content":{"rendered":"<p><b><u><span data-olk-copy-source=\"MessageBody\">Key Highlights<\/span><\/u><\/b><\/p>\n<ul type=\"disc\">\n<li>Existing-home sales ascended 4.8% in November to a seasonally adjusted annual rate of 4.15 million, the swiftest pace since March (4.22 million). Sales accelerated 6.1% from one year ago, the largest year-over-year gain since June 2021 (+23.0%).<\/li>\n<li>The median existing-home sales price rose 4.7% from November 2023 to $406,100, the 17<sup>th<\/sup>\u00a0consecutive month of year-over-year price increases.<\/li>\n<li>The inventory of unsold existing homes slipped 2.9% from the prior month to 1.33 million at the end of November, or the equivalent of 3.8 months\u2019 supply at the current monthly sales pace.<\/li>\n<\/ul>\n<p>WASHINGTON, D.C.\u2014Existing-home sales grew in November, according to the National Association of Realtors<sup>\u00ae<\/sup>. Sales advanced in three major U.S. regions and remained steady in the West. Year-over-year, sales climbed in all four regions.<\/p>\n<p>Total\u00a0<b>existing-home sales<\/b>\u00a0\u2013 completed transactions that include single-family homes, townhomes, condominiums and co-ops \u2013 improved 4.8% from October to a seasonally adjusted annual rate of 4.15 million in November. Year-over-year, sales bounced 6.1% (up from 3.91 million in November 2023).<\/p>\n<p><a name=\"x__Hlk164160352\"><\/a>\u201cHome sales momentum is building,\u201d said NAR Chief Economist Lawrence Yun. \u201cMore 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%.\u201d<\/p>\n<p><a name=\"x__Hlk51598590\"><\/a>Total housing inventory registered at the end of November was 1.33 million units, down 2.9% from October but up 17.7% from one year ago (1.13 million). Unsold inventory sits at a 3.8-month supply at the current sales pace, down from 4.2 months in October but up from 3.5 months in November 2023.<\/p>\n<p>The median existing-home price\u00a0<a name=\"x__Hlk75051067\"><\/a>for all housing types\u00a0in November was $406,100, up 4.7% from one year ago ($387,800). All four U.S. regions posted price increases.<\/p>\n<p>\u201cExisting 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,\u201d Yun added.<\/p>\n<h2><a name=\"x__Hlk101274943\"><\/a><b>REALTORS<sup>\u00ae<\/sup>\u00a0Confidence Index<\/b><\/h2>\n<p>According to the monthly\u00a0REALTORS Confidence Index, properties typically remained on the market for 32 days in November, up from 29 days in October and 25 days in November 2023.<\/p>\n<p><a name=\"x__Hlk177482233\"><\/a>First-time buyers were responsible for 30% of sales in November, up from 27% in October but down from 31% in November 2023.\u00a0NAR\u2019s 2024\u00a0<i>Profile of Home Buyers and Sellers\u00a0<\/i><a name=\"x__Hlk117002294\"><\/a> released November 2024\u2013 found that the annual share of first-time buyers was 24%, the lowest ever recorded.<\/p>\n<p>Cash sales accounted for 25% of transactions in November, down from 27% in both October 2024 and November 2023.<\/p>\n<p>Individual investors or second-home buyers, who make up many cash sales, purchased 13% of homes in November, down from 17% in October and 18% in November 2023.<\/p>\n<p><a name=\"x__Hlk111552684\"><\/a>Distressed sales\u2013 foreclosures and short sales \u2013 represented 2% of sales in November, virtually unchanged from last month and the previous year.<\/p>\n<h2><b>Mortgage Rates<\/b><\/h2>\n<p>According to Freddie Mac, the\u00a030-year fixed-rate mortgage\u00a0averaged 6.6% as of December 12. That\u2019s down from 6.69% one week ago and 6.95% one year ago.<\/p>\n<h2><b>Single-family and Condo\/Co-op Sales<\/b><\/h2>\n<p>Single-family home sales progressed 5.0% to a seasonally adjusted annual rate of 3.76 million in November, up 7.4% from the previous year. The median existing single-family home price was $410,900 in November, up 4.8% from November 2023.<\/p>\n<p>Existing condominium and co-op sales increased 2.6% in November to a seasonally adjusted annual rate of 390,000 units, down 4.9% from one year ago (410,000). The median existing condo price was $359,800 in November, up 2.8% from the prior year ($350,100).<a name=\"x__Hlk83131003\"><\/a><\/p>\n<h2><b>Regional Breakdown<\/b><\/h2>\n<p>Existing-home sales in the Northeast in November jumped 8.5% from October to an annual rate of 510,000, up 6.3% from November 2023. The median price in the Northeast was $475,500, up 9.9% from last year.<\/p>\n<p>In the Midwest, existing-home sales grew 5.3% in November to an annual rate of 1 million, up 5.3% from the previous year. The median price in the Midwest was $302,000, up 7.3% from November 2023.<\/p>\n<p>Existing-home sales in the South rose 5.6% from October to an annual rate of 1.87 million in November, up 3.3% from one year before. The median price in the South was $361,300, up 2.8% from one year earlier.<\/p>\n<p>In the West, existing-home sales were unchanged in November at an annual rate of 770,000, up 14.9% from a year ago. The median price in the West was $628,200, up 4.0% from November 2023.<\/p>\n<h2><b>About the National Association of Realtors<sup>\u00ae<\/sup><\/b><\/h2>\n<p>As America\u2019s largest trade association, the National Association of Realtors<sup>\u00ae<\/sup>\u00a0is involved in all aspects of residential and commercial real estate. The term Realtor<sup>\u00ae<\/sup>\u00a0is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors<sup>\u00ae<\/sup>\u00a0and subscribes to its strict\u00a0Code of Ethics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Highlights Existing-home sales ascended 4.8% in November to a seasonally adjusted annual rate of 4.15 million, the swiftest pace since March (4.22 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\u00a0consecutive month of [&hellip;]<\/p>\n","protected":false},"author":45,"featured_media":6717,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-6716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-news"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts\/6716","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/users\/45"}],"replies":[{"embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/comments?post=6716"}],"version-history":[{"count":1,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts\/6716\/revisions"}],"predecessor-version":[{"id":6718,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts\/6716\/revisions\/6718"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/media\/6717"}],"wp:attachment":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/media?parent=6716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/categories?post=6716"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/tags?post=6716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}