November 2024
U.S. existing-home sales rose 3.4% month-over-month and 2.9% year-over-year to
a seasonally adjusted annual rate of 3.96 million units, exceeding economists’
expectations for the month and marking the first annual gain since July 2021,
according to the National Association of REALTORS® (NAR). Lower mortgage rates
in late summer and early fall helped sales increase across all four regions.
New Listings were up 16.0 percent to 1,275. Pending Sales increased 18.3 percent
to 1,030. Inventory grew 32.0 percent to 2,942 units.
Prices moved higher as Median Sales Price was up 0.9 percent to $270,000. Days
on Market increased 27.5 percent to 51 days, the twelfth consecutive month of yearover-
year gains. Months Supply of Inventory was up 23.8 percent to 2.6 months, the
twelfth consecutive month of year-over-year gains.
The number of homes for sale continues to improve nationwide, climbing 0.7%
month-over-month and 19.1% year-over-year to 1.37 million units heading into
November, for a 4.2-month supply at the current sales pace, according to NAR.
Despite a wider selection of properties on the market, sales prices have remained
strong at the national level, with a median existing-home price of $407,200 as of last
measure, a 4% increase from the same time last year.
Information courtesy of CMLS*
