Home sales rose in November, but are down from last year

"Despite sluggish sales, home prices continued to climb last month. The national median sales price increased 1.2% in November from a year earlier to $409,200, an all-time high for any November on data going back to 1999. Home prices have risen on an annual basis for 29 months in a row, even as the housing market has been mired in a slump that began in 2022 when mortgage rates began climbing from historic lows."

"Through the first 11 months of this year, home sales are down 0.5% compared to the same period last year. "It's possible that 2025, unless December (sales) figures really improve, we may be technically slightly down from one year ago," said Lawrence Yun, NAR's chief economist. One factor limiting home sales is weaker demand for condominiums. Sales of condos are down 6% so far this year, Yun noted."

Existing home sales increased 0.5% in November to a seasonally adjusted annual rate of 4.13 million units but were 1% below last November. Sales through the first 11 months of the year are down 0.5% versus the same period a year earlier. Sales have remained near a roughly 4-million annual pace since 2023, below the historical 5.2-million norm. Condominiums have weaker demand, with condo sales down 6% so far this year. The national median sales price rose 1.2% year-over-year to $409,200, marking a November high. Mortgage rates eased this fall but affordability, especially for first-time buyers, remains constrained.

Read at Fast Company