November US homes sales rose from the previous month, but down from 2024 as prices climb

A "For Sale" sign is displayed in front of a home in Prospect Heights, Ill., Monday, Dec. 15, 2025. Photo by Nam Y. Huh /APArticle contentSales of previously occupied U.S. homes rose in November from the previous month, but slowed compared to a year earlier for the first time since May despite average long-term mortgage rates holding near their low point for the year.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentExisting home sales rose 0.5% in last month from October to a seasonally adjusted annual rate of 4.13 million units, the National Association of Realtors said Friday.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentSales fell 1% compared with November last year. The latest sales figure came in slightly below the 4.14 million pace economists were expecting, according to FactSet.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentThrough the first 11 months of this year, home sales are down 0.5% compared to the same period last year.Article content“It’s possible that 2025, unless December (sales) figures really improve, we may be technically slightly down from one year ago,” said Lawrence Yun, NAR’s chief economist.Article contentDespite sluggish sales, home prices continued to climb last month. The national median sales price increased 1.2% in November from a year earlier to $409,200, an all-time high for any November on data going back to 1999.Article contentHome prices have risen on an annual basis for 29 months in a row, even as the housing market has been mired in a slump that began in 2022 when mortgage rates began climbing from historic lows. Sales of previously occupied U.S. homes sank last year to their lowest level in nearly 30 years.Article contentSales have been stuck at around a 4-million annual pace now going back to 2023. That’s well short of the 5.2-million annual pace that’s historically been the norm.Article contentArticle contentHome sales got a boost this fall as the average rate on a 30-year mortgage declined at the end of October to 6.17%, the lowest level in more than a year.Article contentEven so, affordability remains a challenge for many aspiring homeowners, especially first-time buyers who don’t have equity from an existing home to put toward a new home purchase. Uncertainty over the economy and job market are also keeping many would-be buyers on the sidelines.Article contentA shortage of homes for sale, especially in the more affordable end of the market, continues to weigh especially on first-time homebuyers. They accounted for 30% of homes sales last month. Historically, they made up 40% of home sales.Article contentAn annual survey of homebuyers by NAR showed first-time buyers accounted for an all-time low 21% of home purchases between July 2024 and June 2025, while the average age of such homebuyers rose to a record-high of 40.Article contentHomes purchased last month likely went under contract in September and October, when the average rate on a 30-year mortgage ranged from 6.5% to 6.17%, according to Freddie Mac. Mortgage rates have mostly remained close to their October low in recent weeks.Trending When sinking property values raise red flags for borrowers Mortgages Posthaste: 2026 might prove perilous for Canadians who piled into variable mortgages this year, Desjardins warns News Tax Court overturns CRA decision to deny bitcoin loss writeoff Taxes Philip Cross: The sad story of Justin Trudeau’s 'youthful idiots' FP Comment Mortgage rates move — but in the wrong direction Mortgage Rates Article contentHome shoppers who can afford to buy at current mortgage rates benefited from a wider selection of properties on the market last month than a year ago, although the number of homes for sale in November declined from the previous month.Article contentThere were 1.43 million unsold homes at the end of last month, down 5.9% from October and up 7.5% from November last year, NAR said.Article contentThe latest inventory snapshot remains well below the roughly 2 million homes for sale that was typical before the COVID-19 pandemic.Article contentNovember’s month-end inventory translates to a 4.2-month supply at the current sales pace. Traditionally, a 5- to 6-month supply is considered a balanced market between buyers and sellers.Article contentShare this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. When sinking property values raise red flags for borrowers Mortgages Posthaste: 2026 might prove perilous for Canadians who piled into variable mortgages this year, Desjardins warns News Tax Court overturns CRA decision to deny bitcoin loss writeoff Taxes Philip Cross: The sad story of Justin Trudeau’s 'youthful idiots' FP Comment Mortgage rates move — but in the wrong direction Mortgage Rates