Washington, D.C.—Existing home sales rose for the third straight month in November as lower mortgage rates continued to support buyer activity, according to the National Association of Home Builders (NAHB). Gains remained modest, however, as mortgage rates stayed above 6%, despite easing from recent highs.
Total existing home sales, including single-family homes, townhomes and condominiums, increased 0.5% in November to a seasonally adjusted annual rate of 4.13 million. That marked the highest level since February. Sales remained 1% lower than a year earlier.
First-time buyers accounted for 30% of November transactions, down from 32% in October and unchanged from a year ago. All-cash sales represented 27% of transactions, down from 29% the previous month but up from 25% a year earlier. Cash buyers remain less sensitive to changes in mortgage rates.
The median price of existing homes sold in November reached $409,200, up 1.2% from a year ago. The increase marked the 29th consecutive month of year-over-year price gains. The median condominium and co-op price rose 0.1% to $358,600.
Sales trends varied by region. The Northeast posted a 4.1% increase, while the South rose 1.1%. Sales declined 2.0% in the Midwest and remained flat in the West. Compared with a year earlier, sales were unchanged in the Northeast and rose 2.8% in the South. Sales fell 3.0% in the Midwest and 1.3% in the West.
Total housing inventory stood at 1.43 million units in November, down 5.9% from October and up 7.5% from a year earlier. At the current pace, unsold inventory represented a 4.2-month supply, down from 4.4 months in October and up from 3.8 months a year ago.
A supply level between 4.5 and 6 months is generally considered balanced. The relatively tight inventory continued to push prices higher and strain affordability, even as wage growth outpaced home price increases.
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