US Existing-Home Sales Rise in November, Redfin Reports

On Wednesday, Redfin said that according to its latest data, existing-home sales rose 0.7% in November, reaching a seasonally adjusted annual rate of 4,269,850—the highest level since March 2023. This marks a 4.5% increase year-over-year, the largest annual gain since July 2021.

Overall sales, including both existing and new homes, climbed 2.2% in November to the highest level in over two years on a seasonally adjusted basis. They were up 7% year-over-year, the biggest annual increase since June 2021.

The median home sale price rose 5.4% year-over-year in November to $430,107, marking the largest annual increase since April. Redfin attributed the price growth to a persistent shortage of homes for sale. New listings declined 1.6% month-over-month on a seasonally adjusted basis and were down 4.8% compared to the previous year.

In remarks accompanying the report, Redfin Senior Economist Elijah de la Campa said:

“Homebuying activity picked up steam in recent months as election uncertainty dissipated and house hunters realized that waiting probably isn’t going to get them a significantly lower mortgage rate anytime soon. Since 2024 was a slow year for housing, existing-home sales for the full year will still likely come in roughly the same as 2023, which was the weakest showing for sales since 1995. But we expect sales to tick up in 2025.”