U.S. existing-home sales rose 3.4% month-over-month and 2.9% year-over-year to a seasonally adjusted annual rate of 3.96 million units, exceeding economists’
expectations for the month and marking the first annual gain since July 2021, according to the National Association of REALTORS® (NAR). Lower mortgage
rates in late summer and early fall helped sales increase across all four regions.
• Single Family Closed Sales were up 3.7 percent to 4,520.
• Townhouse-Condo Closed Sales were up 2.1 percent to 1,573.
• Adult Communities Closed Sales were down 10.6 percent to 513.
• Single Family Median Sales Price increased 12.0 percent to $571,090.
• Townhouse-Condo Median Sales Price increased 10.3 percent to $419,000.
• Adult Communities Median Sales Price increased 4.4 percent to $350,000.
The number of homes for sale continues to improve nationwide, climbing 0.7% month-over-month and 19.1% year-over-year to 1.37 million units heading into
November, for a 4.2-month supply at the current sales pace, according to NAR. Despite a wider selection of properties on the market, sales prices have remained
strong at the national level, with a median existing-home price of $407,200 as of last measure, a 4% increase from the same time last year.
Here’s a summary of the key points:
- U.S. existing-home sales rose 3.4% month-over-month and 2.9% year-over-year to a seasonally adjusted annual rate of 3.96 million units.
- This marks the first annual gain since July 2021, according to the National Association of REALTORS® (NAR).
- Lower mortgage rates in late summer and early fall helped sales increase across all four regions.
- Single Family Closed Sales were up 3.7% to 4,520.
- Townhouse-Condo Closed Sales were up 2.1% to 1,573.
- Adult Communities Closed Sales were down 10.6% to 513.
- Single Family Median Sales Price increased 12.0% to $571,090.
- Townhouse-Condo Median Sales Price increased 10.3% to $419,000.
- Adult Communities Median Sales Price increased 4.4% to $350,000.
- The number of homes for sale improved nationwide, climbing 0.7% month-over-month and 19.1% year-over-year to 1.37 million units, for a 4.2-month supply at the current sales pace.
- Despite a wider selection of properties on the market, sales prices remained strong at the national level, with a median existing-home price of $407,200, a 4% increase from the same time last year.