Existing home sales posted their strongest showing in eight months, but buyers and sellers shouldn’t read too much into the headline number just yet.
According to the National Association of Realtors (NAR), existing-home sales rose 0.5% in November to a seasonally adjusted annual pace of 4.13 million homes. That marks the third straight monthly increase and the highest annualized level since early spring.
At the same time, sales activity remains stuck in a very slow lane. Even with recent gains, transactions are still hovering near the bottom of the range seen since late 2022. Until sales clearly break out of this narrow band, it’s hard to argue that the market is entering a true recovery phase.
Why the Sales Bump Isn’t a Big Breakthrough
Lower mortgage rates earlier this fall helped bring some buyers back into the market, but that support is fading as inventory tightens again.
“Existing-home sales increased for the third straight month due to lower mortgage rates this autumn,” said Lawrence Yun, chief economist at NAR. “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.”
In short, demand is improving slightly, but supply is not keeping pace and that limits how far sales can go.
Regional Breakdown: Sales and Prices (November 2025)
| Region | Sales (Annual Rate) | Monthly Change | Median Price | Year-over-Year Change |
|---|---|---|---|---|
| Northeast | 510,000 | +4.1% | $480,800 | +1.1% |
| Midwest | 970,000 | -2.0% | $319,400 | +5.8% |
| South | 1.89 million | +1.1% | $361,000 | +0.8% |
| West | 760,000 | 0.0% | $618,900 | -0.9% |
The Midwest stood out for price growth, while the West remained flat on sales and saw prices dip slightly from last year.
National Housing Snapshot
Despite the modest rise in sales, broader market conditions remain tight:
- Total housing inventory: 1.43 million homes
- Down 5.9% from October
- Up 7.5% from one year ago
- Months’ supply: 4.2 months
- Down from 4.4 months in October
- Still below the 6-month level considered balanced
- Median existing-home price: $409,200
- Up 1.2% year over year
- 29th straight month of annual price gains
- Single-family homes:
- Sales: 3.75 million (+0.8% month over month, -0.8% year over year)
- Median price: $414,300 (+1.2% year over year)
- Condos and co-ops:
- Sales: 380,000 (down 2.6% month over month and year over year)
- Median price: $358,600 (+0.1% year over year)
What This Means Going Forward
November’s numbers show that the housing market is no longer falling, but it also isn’t accelerating. Buyers remain sensitive to mortgage rates, and sellers with low-rate loans are still holding back. That combination keeps activity muted.
Until inventory grows more consistently or borrowing costs move lower for a longer period, existing home sales are likely to continue drifting sideways rather than surging. For now, stability not excitement is the best way to describe the market. For direct financing consultations or mortgage options for you visit 👉 Nadlan Capital Group.
