New figures from the National Association of Realtors show home sales rose slightly in November, though the overall picture of the housing market remains decidedly mixed.
The numbers, in a NAR report released Friday, specifically show that existing home sales increased 0.5 percent in November compared to October. NAR chief economist Lawrence Yun noted in the report that November marks the third month in a row in which home sales rose.
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On the other hand, November sales were down 1 percent compared to the same period in 2024. By region, year-over-year sales were flat in the Northeast and South, and declined in the West and Midwest.
In the NAR report, Yun also concluded that “inventory growth is beginning to slow.”
“With sales of distressed properties at an all-time low and housing equity at a record high, homeowners are in no rush to put their properties on the market during the winter months,” Yun added about the inventory situation.
NAR’s findings are consistent with other recent reports that have indicated that seasonal cooling is currently sweeping the U.S. housing market.
Aside from minor movements in sales figures, NAR’s report further noted that the median price for an existing home was $409,200 in November, up 1.2 percent from a year earlier. Total U.S. inventory was 1.43 million units, down 5.9 from October but up 7.5 percent from November 2024.
When it comes to affordability, Yun had both good and bad news.
“Wage growth is outpacing house price increases, improving housing affordability,” Yun said in the report. “Still, future affordability could be hampered if housing supply cannot keep pace with demand,” Yun added.
“As has been the case all year long, single-family home sales outperformed condominium sales in November. The typical price of a condo sold was 13.5 percent lower than the typical price of a single-family home. However, the purchase price does not include condominium dues costs, which are increasing and making these purchases more expensive.”
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