November Home Sales Rise, But Fall Short of 2024
The National Association of Realtors reported that existing U.S. home sales rose 0.5% from October to an annualized rate of 4.13 million units in November. The increase was lower than the 1.0% growth seen the same month a year earlier and slightly below the 4.14 million expected by FactSet. Year‑to‑date sales for the first 11 months fell 0.5% compared with the same period in 2024.
Average 30‑year mortgage rates fell to 6.17% at the end of October, the lowest level in more than a year, but affordability issues persist. Condominium sales declined 6% year‑to‑year, contributing to the slower pace.
Median sales price rose 1.2% year‑over‑year to $409,200, the highest November median since 1999 and sustaining a 29‑month price‑growth streak. Unsold inventory fell 5.9% from October to 1.43 million homes, creating a 4.2‑month supply at current rates.
Economists forecast existing‑home sales to rise 14% in 2026, higher than other predictions that range from 1.7% to 9%. Average 30‑year mortgage rates are expected to stay just above 6% next year. The market continues to balance limited inventory supply against sustained price gains.