Summary
The number of homes available for sale in the U.S. dropped by 1.4% in November. This decline is the largest since June 2023 and is linked to slower demand and sellers pulling their listings from the market. The ongoing housing shortage and high home prices continue to impact the market.
Key Facts
- Home listings decreased by 1.4% in November to 1,954,870.
- New home listings fell by 2.2% to 526,666, the lowest since April 2024.
- Pending home sales declined by 2.5% in November.
- Existing home sales remained steady at about 4.27 million annually.
- Homes sold in November stayed on the market longer, averaging 53 days.
- The median sale price of a U.S. home in November was $433,222, down 1.5% from the previous year.
- The housing market needs about 2.8 million homes to balance supply and demand.
- Sellers are often also buyers, needing to price homes reasonably to attract interest.
