Monthly Housing Indicators
U.S. existing-home sales rose 3.4% month-over-month and 2.9% year-over-year to a seasonally adjusted annual rate of 3.96 million units, exceeding economists’ expectations for the month and marking the first annual gain since July 2021, according to the National Association of REALTORS® (NAR). Lower mortgage rates in late summer and early fall helped sales increase across all four regions.
New Listings were down 5.8 percent to 553. Pending Sales decreased 8.8 percent to 364. Inventory grew 13.2 percent to 1,715 units.
Prices moved higher as Median Sales Price was up 7.1 percent to $299,700. Days on Market increased 32.7 percent to 73 days. Months Supply of Inventory was up 9.4 percent to 3.5 months, indicating that supply increased relative to demand.
The number of homes for sale continues to improve nationwide, climbing 0.7% month-over-month and 19.1% year-over-year to 1.37 million units heading into November, for a 4.2-month supply at the current sales pace, according to NAR. Despite a wider selection of properties on the market, sales prices have remained strong at the national level, with a median existing-home price of $407,200 as of last measure, a 4% increase from the same time last year.
Housing Supply Overview
U.S. sales of new residential homes declined 17.3% month-over-month and 9.4% year-over-year to a seasonally adjusted annual rate of 610,000 units, according to the U.S. Census Bureau. Economists say a rise in mortgage rates, along with Hurricanes Helene and Milton, likely disrupted buyer activity, though there was little impact on the median new-home sales price, which was up 4.7% year-over-year to $437,300. For the 12-month period spanning December 2023 through November 2024, Pending Sales in the Western Upstate Association of REALTORS® region rose 3.7 percent overall. The price range with the largest pending sales gain was the $500,001 to $750,000 range, where sales improved 21.9 percent.
The overall Median Sales Price was up 5.5 percent to $303,900. The property type with the largest gain was the Condos segment, where prices improved 11.9 percent to $248,745. The price range that tended
to sell the quickest was the $150,000 and Below range at 55 days. The price range that tended to sell the slowest was the $1,000,001 and Above range at 90 days.
Market-wide, inventory levels rose 13.2 percent. The property type with the largest gain was the Condos segment, where the number of properties for sale improved 51.4 percent. That amounts to 3.4 months of inventory for Single-Family Homes and 3.9 months of inventory for Condos.
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