Existing-Home Sales Increase Slightly in November

Existing-home sales increased by 0.5% in November, the National Association of Realtors reported Friday.

The report said month-over-month sales increased in the Northeast and South, showed no change in the West and fell in the Midwest.

“Existing-home sales increased for the third straight month due to lower mortgage rates this autumn,” NAR Chief Economist Lawrence Yun said. “However, inventory growth is beginning to stall. With distressed property sales at historic lows and housing wealth at an all-time high, homeowners are in no rush to list their properties during the winter months.”

Cotality Chief Economist Selma Hepp noted home sales activity is heading into a seasonal low, so November’s figure is not likely to signal what 2026 has in store for the housing market. “The current focus is on the labor market and inflation, both of which are indicating slower economic conditions and potentially giving a runway for another rate cut early in the next year,” she said. “Nevertheless, a rebound in the housing market hinges on a solid labor market, income growth and economic resilience amid the continued affordability crisis, elevated mortgage rates, and consumer discontent.”

Yun added that wage growth now outpaces home price gains, which improves housing affordability. “Still, future affordability could be hampered if housing supply fails to keep pace with demand,” he said. NAR reported a total housing inventory of 1.43 million units in November, down 5.9% from October and up 7.5% from November 2024. That figure represents a 4.2-month supply of unsold inventory, down from 4.4 months in October and up from 3.8 months in November 2024.