Existing Home Sales Grew In November

Existing home sales
Existing home sales bounced back in the month of November.

After a five-month slide, existing home sales grew once again in the month of November, according to the National Association of Realtors® (NAR). This uptick offers a glimmer of hope for a sector that has been facing headwinds from rising mortgage rates and inflation.

According to the National Association of Realtors (NAR), existing home sales rose by 0.8% month-over-month to a seasonally adjusted annual rate of 3.82 million units in November. While this figure remains 7.3% lower than a year ago, it marks a significant improvement from the downward trend witnessed since June.

Existing home sales by region

The increase in existing home sales was not evenly distributed across the country. The South and Midwest regions saw the strongest gains, while the Northeast and West, on the other hand, continued to experience declines.

  • South: up 4.7%
  • Midwest: up 1.1%
  • Northeast: down 2.1%
  • West: down 7.2%

Factors contributing to the increase in existing home sales

  • Declining Mortgage Rates: Mortgage rates have fallen significantly since peaking in October, making homes more affordable for potential buyers.
  • Improved Inventory: The inventory of available homes has increased slightly in recent months, giving buyers more options to choose from.
  • Shifting Buyer Preferences: With the stock market facing uncertainty, some investors may be turning to real estate as a safer haven.

Summary

The increase in existing home sales in November 2023 is a positive development for the U.S. housing market. However, it remains to be seen whether this trend will continue in the months ahead. As always, it is important to consult with a local and knowledgeable real estate professional before making any decisions about buying or selling a home. Some additional points to consider are as follows:

  • The median existing-home price in November 2023 was $387,600, up 4.0% from a year ago.
  • The inventory of unsold homes stood at 1.13 million units at the end of November, representing a 2.8-month supply at the current sales pace.
  • First-time buyers accounted for 31% of all sales in November, up from 28% a year ago.

Are you looking to buy or sell a property in the South Florida area? With qualified real estate agents from Miami to Jupiter, our team can help you throughout South Florida. Contact Natasha at Live South Florida Realty, Inc. today! Also, don’t forget to download our free Florida Home Search app for your smartphone or tablet.

By natasha moore

REALTOR® with Live South Florida Realty, Inc.