The National Association of Realtors reported existing-home sales in November rose to a seasonally adjusted annual rate of 4.15 million, marking a 4.8% increase over October.
The jump in sales is significant as it defies the historic trend of sales dropping between October and November, indicating market momentum heading into 2025.
While the median sale price is at $406,100, indicating a 4.7% annual increase, it has fallen for five consecutive months from its 2024 peak of $426,900.
Total inventory and months of supply are still above last year's levels, indicating a potential tightening in the market, with inventory dropped to 1.33 million homes.
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