by However, despite rising inventory levels, home prices rise again, marking their 29th consecutive month of year-over-year gains
WASHINGTON — Existing home sales fell 1% in November last year, posting their first year-over-year decline since May, according to data released Dec. 19 by the National Association of Realtors.
Meanwhile, existing home prices rose 1.2% to $409,200 from $404,400, marking the 29th consecutive month of year-over-year price increases.
Home sales totaled 4.13 million, down 1% from November 2024 but up .5% from October. Year-over-year sales were flat in the Northeast and South but fell in the Midwest and West. Month-over-month sales rose in the Northeast and South, were level in the West and declined in the Midwest.
Single-family home sales totaled 3.75 million, or 90.8% of the total. Sales declined .8% from November and rose .8% from October. The median home price was $414,300, up 1.2% from November 2024.
Condominium and co-op sales totaled 380,000, down 2.6% year over year and month over month. The median price was $358,600, up .1% from November 2024.
The total inventory of existing homes on the market was 1.43 million units, up 7.5% from 1.33 million in November 2024 and down 5.9% from October. There was a 4.2-month supply of unsold inventory, up from 3.8 months in November 2024 and down from 4.4 months in October.
Officials attributed the month-over-month gain to lower mortgage rates. Citing Freddie Mac, the NAR said that the average 30-year fixed-rate mortgage was 6.24% in November, compared with 6.81% in November 2024 and 6.25% in October 2025.
“Existing-home sales increased for the third straight month due to lower mortgage rates this autumn,” said NAR Chief Economist Lawrence Yun. “However, inventory growth is beginning to stall. With distressed property sales at historic lows and housing wealth at an all-time high, homeowners are in no rush to list their properties during the winter months.”
Yun noted that wage growth is outpacing increases in home prices, a positive sign for housing affordability.
“Still, future affordability could be hampered if housing supply fails to keep pace with demand,” Yun added. “As has been the case throughout the year, single-family home sales outperformed condominium sales in November. The typical price of a sold condo was 13.5% lower than the typical price of a single-family home. However, the purchase price does not include the condominium association fees, which are rising and making these purchases more expensive.”
By region, home sales activity was as follows:
In the Northeast, home sales totaled 510,000, level with November 2024 and up 4.1% from October. The median price in the region was $480,800, up 1.1% from November 2024.
In the Midwest, home sales totaled 970,000, down 3% from November 2024 and down 2% from October. The median price was $319,400, up 5.8% from November 2024.
In the South, home sales totaled 1.89 million, level with November 2024 and up 1.1% from October. The median price was $361,000, up .8% from November 2024.
In the West, home sales totaled 760,000, down 1.3% from last year and unchanged from October. The median price was $618,900, down .9% from November 2024.
Other highlights of the report were as follows:
+ Homes were on the market for a median of 36 days, up from 32 days in November 2024 and up from 34 days in October
+ 30% of sales were first-time homebuyers, down from 32% in November 2024 and unchanged from October.
+ 27% of sales were cash sales, up from 25% in November 2024 and down from 29% in October. Also, 18% of sales were individual investors or second-home buyers who make up many cash sales, up from 13% in November 2024 and up from 16% in October.
+ 2% of sales were distressed sales including foreclosures and short sales, unchanged from 2024 and October 2025
