The National Association of REALTORS® released its latest report on home sales. According to the report, home sales inched up for the month, rising from historic lows during a year of falling home prices and frustrated sellers quitting the market. Although home sales rose month to month, they remained down year over year.
According to the NAR, the housing market got a small boost from lower mortgage rates last month, with sales of previously owned homes rising for the third-straight month after a weak spring and summer.
Closings on existing homes rose 0.5% in November from the prior month to a seasonally adjusted annual rate of 4.13 million, the highest level in nine months, the National Association of Realtors® reported Friday.
Still, the November figure was down 1% from last year, when a surge of home sales in the fourth quarter was not enough to prevent 2024 from registering the lowest number of home sales in nearly 30 years.
Despite the uptick in fall sales this year, 2025 is on track for an even lower number of home sales than the three-decade low reached last year, unless December brings an unexpected surge.
“Existing-home sales increased for the third straight month due to lower mortgage rates this autumn,” said NAR Chief Economist Lawrence Yun. “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.”
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