New data released Thursday by the National Association of Realtors shows existing home sales rose at an annual rate of 6.1% in November from 2023 in three out of four U.S. regions.
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Existing home sales rose 6.1% in November, the largest year-over-year increase since June 2021, and 4.8% from October, seasonally adjusted, according to data released Thursday by the National Association of Realtors. The annualized rate was 4.15 million units.
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NAR Chief Economist Lawrence Yun said more buyers are learning to adapt to rising mortgage rates and entering the market.
“Momentum in home sales is increasing,” Yun said. “More buyers are entering the market as the economy continues to add jobs, housing inventory is higher than it was a year ago, and consumers are getting used to the new normal of mortgage rates of 6% to 7%. I am doing it.”
Lawrence Yun
In terms of regional sales, three major U.S. regions saw increases, while sales in the West remained stable, according to the NAR report. Sales increased year-on-year in all four regions.
Northeast: Sales rose 8.5% since October to 510,000 units and increased 6.3% from November 2023. The price was $475,500, an increase of 9.9% from last year. Midwest: Sales increased 5.3% to 1 million, an increase of 5.3% year over year. The price was $302,000, reflecting a 7.3 percent increase compared to November 2023. South: Sales increased 5.6 percent from October and 3.3 percent from November 2023 to 1.87 million units. The price was $361,300, an increase of 2.8 percent from last year. West: November sales were steady at 7.7 million units, up 14.9% from 2023. Prices increased 4.0% year over year to $628,200.
The median price of existing homes rose to $406,100, an increase of 4.7% from $387,800 a year ago. This price increase represents the 17th month of year-over-year increases, with all four U.S. regions recording price increases in November.
“Existing homeowners are taking advantage of the $15 trillion total increase in housing equity over the past four years to find homes that better suit their changing living conditions,” Yun added.
Housing inventory as of the end of November was 1.33 million units, down 2.9% from October. However, this figure increased by 17.7% year-on-year to a total of 1.13 million units.
According to NAR’s 2024 Home Buyer and Seller Profile, first-time buyers accounted for 30% of sales in November, while individual investors or second-home buyers accounted for 13% of home purchases. Ta.
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