United States Existing Home Sales

Existing home sales in the US rose by 4.8% from the previous month to a seasonally adjusted annualized rate of 4.15 million in November 2024, the highest in eight months, compared to 3.96 million in October and better than market expectations of 4.07 million. "Home sales momentum is building. More 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%", according to NAR Chief Economist Lawrence Yun. Sales advanced in the Northeast (8.5%), the Midwest (5.3%) and the South (5.6%) but remained steady in the West. Meanwhile, total housing inventory was 1.33 million units, down 2.9% from October. The median existing-home price for all housing types was $406,100, up 4.7% from one year ago ($387,800). All four US regions posted price increases.