Existing-home sales edged up 0.5% in November, reaching a seasonally adjusted annual rate of 4.13 million—the third straight monthly increase, according to the National Association of Realtors (NAR) report released in December. While sales remain about 1% below last year’s pace, the steady gains reflect buyers responding to easing mortgage rates during the fall and early winter months.

Local Markets Drive the Real Story

National headlines often obscure meaningful differences at the regional and neighborhood level. Inventory availability, pricing trends, and buyer competition can vary widely by location. In some markets, homes continue to attract multiple offers, while others are seeing longer days on market—underscoring the importance of local MLS data and expert guidance when timing a buy or sell decision.

Inventory Tightens, Though Levels Exceed Last Year

Total housing inventory dipped 5.9% from October to 1.43 million homes, though supply remains 7.5% higher than November 2024. This represents a 4.2-month supply, signaling a modest tightening as winter approaches. Lawrence Yun, chief economist for the NAR, noted, “Existing-home sales increased for the third straight month due to lower mortgage rates this autumn. However, inventory growth is beginning to stall. With distressed property sales at historic lows and housing wealth at an all-time high, homeowners are in no rush to list their properties during the winter months.”

Price Growth Slows, Pointing to Market Stability

The median existing-home price across all housing types reached $409,200 in November, up 1.2% year over year. While this marks the 29th consecutive month of price gains, the pace of appreciation remains among the slowest seen in recent years. This moderation suggests a stabilizing market, supported by wage growth that continues to outpace home price increases and gradually improve affordability.

Buyer Mix Reflects Steady Demand

First-time buyers accounted for 30% of November transactions, while all-cash purchases represented 27% of sales. Investors and second-home buyers made up 18% of activity. Distressed sales remained near historic lows, and homes spent a median of 36 days on the market—a seasonally typical slowdown as the year winds down.

Forward Indicators Suggest Continued Activity

Pending home sales jumped 3.3% in November—the strongest monthly increase in nearly three years—pointing to potential gains in closed sales as the market moves into early 2026. Consistent participation from cash buyers and investors further signals underlying demand, even amid a higher-rate environment.

Regional Breakdown

• Northeast: 510,000 sales (+4.1% MoM, 0% YoY) | Median Price: $480,800 (+1.1%)

• Midwest: 970,000 sales (–2% MoM, –3% YoY) | Median Price: $319,400 (+5.8%)


• South: 1.89 million sales (+1.1% MoM, 0% YoY) | Median Price: $361,000 (+0.8%)

• West: 760,000 sales (0% MoM, –1.3% YoY) | Median Price: $618,900 (–0.9%)