U.S. existing home sales ticked up 0.5% from the previous month to a seasonally adjusted annual rate of 4.13 million, marking the third consecutive monthly increase, according to the National Association of REALTORS® (NAR). However, sales were down 1% from the same period last year. Regionally, sales rose month-over-month in the Northeast and South, were unchanged in the West, and declined in the Midwest. On a year-over-year basis, sales were flat in the Northeast and South and fell in both the Midwest and West.
New listings decreased 8.8% for residential homes and 3.2% for townhouse/condo homes. Pending sales decreased 8.3% for residential homes and 23.8% for townhouse/condo homes. Inventory decreased 5.3% for residential homes but increased 6.8% for townhouse/condo homes.
Median sales price increased 9.1% to $300,000 for residential homes but decreased 11.4% to $221,500 for townhouse/condo homes. Days on market decreased 2.7% for residential homes but increased 6.7% for townhouse/condo homes. Months supply of inventory decreased 5% for residential homes but increased 4% for townhouse/condo homes.
The national median existing-home price continued to climb, rising 1.2% from a year ago to $409,200, according to NAR. This year-over-year increase—the 29th consecutive monthly gain—reflects ongoing tightness in housing supply. At the end of November, there were 1.43 million units for sale, down 5.9% from the previous month but up 7.5% from the same time last year, representing a 4.2-month supply at the current sales pace.
