Sales see biggest jump since 2021 as buyers adapt to higher rates and rising prices
Existing-home sales rose 4.8% in November from October to an annualized pace of 4.15 million — the fastest since March, according to the latest figures from the National Association of Realtors (NAR).
Additionally, sales climbed 6.1% year over year, marking the biggest annual increase since June 2021. Median home prices also rose, increasing 4.7% from the previous year to reach $406,100, with all regions across the country reporting gains.
The Northeast led the charge in existing-home sales with an 8.5% monthly increase and a 6.3% annual gain.
“Home sales momentum is building,” said Lawrence Yun, Chief Economist for the National Association of Realtors®. “More buyers are jumping into the market as the economy creates jobs, inventory grows, and people adjust to mortgage rates between 6% and 7%.”
First-time buyers showed up in greater numbers in November, making up 30% of sales—an increase from 27% in October, though slightly below last year’s 31%. Cash sales accounted for 25% of transactions, down from 27% in both October and the previous year, signaling a slight shift in market dynamics.
Regionally, the Northeast led the charge in sales with an 8.5% monthly increase and a 6.3% annual gain. The Midwest also saw significant movement, with sales up 5.3% both monthly and annually. The South saw a 5.6% jump from October and a 3.3% increase year over year. In the West, sales held steady from October but surged 14.9% compared to last year.
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Median prices rose across the board, with the Northeast seeing the largest yearly jump at 9.9%, followed by the Midwest at 7.3%, the West at 4%, and the South at 2.8%.
These figures coincide with First American’s Existing-Home Sales Report, which indicated that the worst of times might be in the past. First American’s Odeta Kushi noted that the latest data reflect a “cautiously optimistic” return to normal, with a 1.2% uptick in existing-home sales for November.
As the market adjusts to this “new normal,” potential homebuyers may be following suit, though home prices and mortgage rates will continue to present a significant barrier to homebuying well into 2025, industry consensus indicates.
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