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 1.0% 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.

Closed Sales increased 3.7 percent for Existing Homes homes but decreased 1.7 percent for New Construction homes. Pending Sales decreased 6.1 percent for Existing Homes homes but increased 14.7 percent for New Construction homes.

Inventory increased 3.2 percent for Existing Homes homes and 1.5 percent for New Construction homes. Median Sales Price increased 3.1 percent to $299,000 for Existing Homes homes and 4.0 percent to $519,804 for New Construction homes. Days on Market increased 10.3 percent for Existing Homes homes and 0.9 percent for New Construction homes. Months Supply of Inventory remained flat for Existing Homes homes but decreased 1.9 percent for New Construction properties.

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.