RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
RISMedia
No Result
View All Result

Existing-Home Sales Keep Up Momentum in November

Home Latest News
By RISMedia Staff
February 12, 2019
Reading Time: 2 mins read
Existing-Home Sales Keep Up Momentum in November

Excited African descent couple receives the keys to their first home real estate purchase from realtor. The happy young adults stand in front of brick home.

Existing-home sales kept up momentum in November, climbing 1.9 percent to 5.32 million, the National Association of REALTORS® (NAR) reports. On an annual basis, however, sales were sluggish: 7 percent lower than in November 2017.

In an improvement, inventory rose to 1.74 million year-over-year, according to NAR; last November, inventory totaled 1.67 million.

Across all house types (single-family, condo, co-op and townhome), the median price was $257,700, a 4.2 percent increase from the prior year. The median price in the single-family space was $260,500; the condo median was $236,400.

“The market conditions in November were mixed, with good signs of stabilizing home sales compared to recent months, though down significantly from one year ago,” says Lawrence Yun, chief economist at NAR. “Rising inventory is clearly taming home price appreciation.”

Activity was concentrated in three regions of the U.S.: the Midwest, the Northeast and the South. In the Midwest, activity expanded 5.5 percent to 1.34 million, with a median price of $199,100. In the Northeast, activity increased 7.2 percent to 740,000, with a median price of $291,400. In the South, activity rose 2.3 percent to 2.2 million, with a median price of $223,600.

Existing-home sales fell in the West, sliding 6.3 percent to 1.04 million, with a median price of $380,600.

“A marked shift is occurring in the West region, with much lower sales and very soft price growth,” Yun says. “It is also the West region where consumers have expressed the weakest sentiment about home-buying, largely due to lack of affordable housing inventory.”

According to Yun, development is needed, and overdue, at practical prices.

“Inventory is plentiful on the upper-end, but a mismatch between supply and demand exists at affordable price points,” says Yun. “Therefore, facilitating real estate development of affordable housing units in designated Opportunity Zones can provide better housing access in addition to boosting the local economy.”

Currently, inventory is at a 3.9-month supply, NAR reports. Last month, existing-home sales averaged 42 days on market, two days more than the prior year. All told, 43 percent of homes sold were on the market for less than one month.

“It is not surprising to see homes remain on the market a little longer,” says John Smaby, 2019 NAR president. “Buyers can often negotiate a more favorable price in those circumstances, especially when paired with a motivated seller and the aid of a REALTOR® familiar with their local market.”

Month-over-month, sales in the single-family space ticked up to 4.71 million, but remained 6.7 percent under year-over-year, according to NAR. Condo and co-op sales totaled 610,000, a 1.7 percent increase month-over-month, but a 9 percent slump year-over-year.

Twenty-one percent of sales were all-cash, with 13 percent by individual investors, NAR reports. Two percent were distressed. First-time homebuyers comprised 33 percent of sales.

The hottest markets in November, according to realtor.com®’s Market Hotness Index, were Midland, Texas; Fort Wayne, Ind.; Columbus, Ohio; Odessa, Texas; and Boston-Cambridge-Newton, Mass. 

For more information, please visit www.nar.realtor.  

For the latest real estate news and trends, bookmark RISMedia.com.

Tags: Existing-Home SalesHome PricesHome SalesHousing InventoryNARreal estate newsReal Estate News and InformationReal Estate Trendsrealtor.com®Single-Family Home Sales
ShareTweetShare

RISMedia Staff

Related Posts

Filters
Agents

Property Search Filters New Agents Should Master

June 18, 2025
Powell
Economy

Federal Reserve Leaves Interest Rates Unchanged in June Meeting

June 18, 2025
Coldwell Banker Announces 2025 30 Under 30 List
Industry News

Coldwell Banker Announces 2025 30 Under 30 List

June 18, 2025
Berkshire
Agents

A Strategic Mindset for a Shifting Market

June 18, 2025
BOSSCAT
Industry News

BOSSCAT™ and Pillar To Post Extend Exclusive Data Partnership

June 18, 2025
Applications
Industry News

A Dip After a Surge for Mortgage Applications This Week

June 18, 2025
Please login to join discussion
Tip of the Day

First Impressions Matter to Clients

Nail the first impression with these techniques, and help clients feel confident choosing you. Learn more.

Business Tip of the Day provided by

Recent Posts

  • Property Search Filters New Agents Should Master
  • Federal Reserve Leaves Interest Rates Unchanged in June Meeting
  • Coldwell Banker Announces 2025 30 Under 30 List

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies ACE Marketing Technologies LLC

© 2025 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • Reports
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2025 Newsmakers
    • 2024 Newsmakers
    • 2023 Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2025 Power Broker
    • 2024 Power Broker
    • 2023 Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2025 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

X