US Existing-Home Sales Improve Modestly Month-Over-Month in November but Remain Lower Year-Over-Year

On Wednesday (12-20-23), the National Association of Realtors® (NAR) reported that total existing-home sales—which are completed transactions for single-family homes, townhomes, condominiums, and co-ops—recorded a 0.8% increase in November from October to a seasonally adjusted rate of 3.82 million homes. Year-over-year, sales were down 7.3% (4.12 million in November 2022).

Among the four major regions, sales in November increased in the Midwest and South but declined in the Northeast and West. All four regions reported year-over-year declines.

At the end of November, total housing inventory registered was 1.13 million units—down 1.7% from October but up 0.9% from one year ago (1.12 million in November 2022). That represents a 3.5-month supply at the current sales pace, down from 3.6 months in October but up from 3.3 months in November 2022.

The median existing home price for all housing types in November was $387,600, an increase of 4.0% from November 2022 ($372,700). Prices increased in all four regions.

According to the REALTORS® Confidence Index, properties typically remained on the market for 25 days in November, up from 23 days in October and from 24 days in November 2022. Sixty-two percent of homes sold in November were on the market for less than a month.