U.S. existing-home sales rose 3.4% month-over-month and 2.9% year-overyear
to a seasonally adjusted annual rate of 3.96 million units, exceeding
economists’ expectations for the month and marking the first annual gain
since July 2021, according to the National Association of REALTORS® (NAR).
Lower mortgage rates in late summer and early fall helped sales increase
across all four regions.
Closed Sales increased 9.8 percent for existing homes but decreased 7.1
percent for new homes. Pending Sales increased 6.6 percent for existing
homes and 14.4 percent for new homes. Inventory increased 17.5 percent for
existing homes but decreased 17.6 percent for new homes.
The Median Sales Price was up 5.8 percent to $290,000 for existing homes
and 1.4 percent to $545,303 for new homes. Days on Market increased 24.1
percent for existing homes but decreased 21.4 percent for new homes.
Supply increased 16.7 percent for existing homes but increased 12.9 percent
for new homes.
The number of homes for sale continues to improve nationwide, climbing
0.7% month-over-month and 19.1% year-over-year to 1.37 million units
heading into November, for a 4.2-month supply at the current sales pace,
according to NAR. Despite a wider selection of properties on the market,
sales prices have remained strong at the national level, with a median existing home
price of $407,200 as of last measure, a 4% increase from the same time
last year.