Market Updates
Existing Home Sales Advanced at Fastest Pace Over 3 Years In November
Brian Turner
19 Dec, 2024
Washington, D.C.
Existing home sales advanced 6.1% from the previous year to an annual rate of 4.15 million, according to the latest data released by the National Association of Realtors.
Home sales rose at the fastest pace since June 2021, and more buyers returned to the market as the economy continued to create new jobs.
Single-family home sales advanced 5% from the previous month to a seasonally adjusted annual rate of 3.76 million in November, and advanced 7.4% from the previous year.
The median existing single-family home price was $410,900 in November, an increase of 4.8% from a year ago.
Home prices advanced in all four regions, and the median price for all housing types rose to $406,100, an increase of 4.7% from $387,800 a year ago.
The share of first-time home buyers increased to 30% in November from 27%, and cash sales accounted for 25% compared to 27% in the previous month, respectively.
Individual investors or second-home buyers, who make up many cash sales, purchased 13% of homes in November, down from 17% in October and 18% in November 2023.
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