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Existing home sales in November
The monthly REALTORS Confidence Index found that properties typically stayed on the market for 25 days in November which was an increase from the 23 days in October and 24 days year-over-year. About 62% of homes sold were on the market for less than a month.
First time buyers took up 31% of sales in November. NAR’s 2023 Profile of Home Buyers and Sellers found that the annual share of first-time buyers was 32%.
Single-family home sales saw an increase to a seasonally adjusted annual rate of 3.41 million with the median existing single-family home price at $392,100 in November. Existing condominium and co-op sales saw a seasonally adjusted annual rate of 410,000 units while median existing condo prices stood at $350,100.
In the Northeast, existing-home sales dropped by 2.1% from the previous month, amounting to an annual rate of 470,000 in November, with the median price being $428,600. In the Midwest, existing-home sales rose 1.1% from October to an annual rate of 940,000, with the median price being $280,800.
In the South, there was a 4.7% improvement month-over-month with an annual rate of 1.77 million and a median price of $351,500. In the West, existing-home sales dropped by 7.2% from the previous month to an annual rate of 640,000 and a median price of $603,200.
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