Residential Real Estate News
U.S. Home Sales Enjoy Largest Annual Increase in 3 Years Post Presidential Election
The National Association of Realtors (NAR) reported a rise in U.S. existing-home sales in the full month of November 2024. Sales increased in three major regions and held steady in the West. Year-over-year, all four regions saw sales growth.
Total existing-home sales -- including single-family homes, townhomes, condominiums, and co-ops--rose 4.8% from October, reaching a seasonally adjusted annual rate of 4.15 million in November. Compared to November 2023, sales increased 6.1% (from 3.91 million).
"Momentum in the housing market is gaining strength," noted Lawrence Yun, NAR Chief Economist. "More buyers are entering the market as job growth continues, housing inventory expands year-over-year, and consumers adjust to mortgage rates in the 6%-7% range."
At the end of November, total housing inventory stood at 1.33 million units, a 2.9% decrease from October but a 17.7% increase compared to the previous year. Unsold inventory represented a 3.8-month supply at the current sales pace, down from 4.2 months in October but up from 3.5 months in November 2023.
The median price of existing homes across all housing types rose to $406,100 in November, up 4.7% from the previous year's $387,800. Home prices increased in all U.S. regions.
"Many homeowners are leveraging the $15 trillion growth in housing equity over the last four years to find homes that better meet their needs," Yun added.
REALTORS Confidence Index
Data from the monthly REALTORS Confidence Index shows that properties typically stayed on the market for 32 days in November, compared to 29 days in October and 25 days in November 2023.
First-time buyers accounted for 30% of home purchases in November, up from 27% in October but slightly down from 31% a year earlier. NAR's 2024 Profile of Home Buyers and Sellers revealed that the annual share of first-time buyers dropped to a record-low 24%.
Cash transactions made up 25% of sales in November, down from 27% in October and November 2023.
Investors or second-home buyers, who often make cash purchases, represented 13% of buyers, a decrease from 17% in October and 18% a year earlier.
Distressed sales -- including foreclosures and short sales -- remained steady at 2%, unchanged from both the previous month and year.
Single-Family Homes and Condos/Co-ops
Sales of single-family homes increased by 5.0%, reaching a seasonally adjusted annual rate of 3.76 million in November--a 7.4% rise from a year earlier. The median single-family home price was $410,900, reflecting a 4.8% increase from November 2023.
Existing condominium and co-op sales grew by 2.6% to an annualized rate of 390,000 units in November, though they declined 4.9% compared to the previous year (410,000 units). The median price of condos rose to $359,800, up 2.8% from $350,100 in November 2023.
Regional Highlights
- Northeast: Sales surged 8.5% from October to an annual rate of 510,000, up 6.3% year-over-year. The median price climbed 9.9% to $475,500.
- Midwest: Sales rose 5.3% month-over-month to 1 million, reflecting a 5.3% annual gain. The median price increased 7.3% to $302,000.
- South: Sales increased 5.6% to 1.87 million, a 3.3% rise year-over-year. The median price grew 2.8% to $361,300.
- West: Sales remained steady at 770,000 but were up 14.9% compared to November 2023. The median price rose 4.0% to $628,200.
