Home Sales, Listings Slip: RE/MAX

(Illustration courtesy of RE/MAX)

November home sales dropped from October levels and the number of homes for sale fell slightly, according to RE/MAX, Denver.

Following the usual year-end slowdown, home sales in November dropped by 9.8% compared to October and declined 6.5% versus the same period last year, RE/MAX reported in its monthly National Housing Report.

The number of homes for sale changed slightly – dropping 1.6% from October and declining 2.6% compared to November 2022.

Across the 52 metro areas surveyed, homes sold for a median price of $405,000, which was $5,000 less than in October but $13,000 higher than in November 2022. New listings, though up 1.5% year over year, were down 19.1% from October, RE/MAX reported.

“Although November results are in line with trends we’ve seen this year, there’s reason to think 2024 could be more active, especially with prices and interest rates coming down a bit recently,” said Nick Bailey, President and CEO of RE/MAX, LLC.

Other notable metrics:

Homes sold in November were on the market for 40 days on average, four days longer than in October and one day more than in November 2022.

Homes sold in November for an average of 99% of the listing price, the same as in October and up from 98% in November 2022.

Months’ supply of inventory in November equaled 2.6, larger than 2.3 in October and 2.5 in November 2022.