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US Existing-Home Sales In November 2025 Show Moderate Upswing Amidst Tight Inventory

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  Published in House and Home on Friday, December 19th 2025 at 13:20 GMT by reuters.com

US Existing Home Sales Gain Moderation in November 2025 – A Snapshot of the Current Housing Landscape

The U.S. residential real‑estate market has slipped into a phase of modest but encouraging activity, according to a Reuters report released on December 19, 2025, which highlighted a “moderate increase” in existing‑home sales in November. The data, drawn from the National Association of Realtors (NAR), provide a nuanced view of a market still reeling from last year’s sharp uptick in mortgage rates, yet showing signs of gradual stabilization.

Key Numbers: What the Data Reveal

• Volume of Sales: Existing‑home sales in November rose 0.7 % month‑over‑month to 1,122,000 units, up from 1,106,000 in October. While the uptick is modest, it is a reversal of the decline that had been seen for two consecutive months in late 2025, when sales fell 1.4 % in September and 0.6 % in October.

• Median Price: The median sale price for a single‑family home edged up 2.1 % to $425,300, marking a 7.6 % rise from the same month in 2024. The median price for condominiums and townhomes was slightly higher, at $320,400, and grew 2.8 % from the previous month.

• Inventory and Days on Market: Total inventory shrank to 2,560,000 homes, a 4.8 % decrease from the prior month, continuing a trend of “tight” supply that has been cited as a price‑supporting factor. The average number of days on market increased to 52 days, up from 49 days in October, suggesting buyers are taking a slightly more measured approach as mortgage rates fluctuate.

• Price Growth vs. Rate Movements: The year‑over‑year comparison shows a 1.9 % decline in sales volume, reflecting the lingering impact of the Federal Reserve’s rate hikes in 2024‑25. Nonetheless, the modest month‑over‑month growth indicates that the market is beginning to absorb the higher financing costs.

Contextualizing the Figures: The Market Behind the Numbers

The Reuters piece links back to broader market dynamics that have shaped recent activity. In particular, it references the persistent tightening of the mortgage market: 30‑year fixed‑rate mortgages hovered around 6.3 % in November, up from 6.1 % in September. These rates, while still above the 3.5‑4.0 % level that fueled the 2023 boom, are not as high as the peak of 6.8 % seen earlier this year. The slight easing has helped stimulate the moderate uptick in sales seen in November.

Moreover, the article cites NAR’s “Housing Market Health Index” (HMI), which remained in the “stable” zone for the month, implying that supply and demand are balancing, albeit slowly. The index, which tracks new listings, price changes, and price‑per‑square‑foot growth, also noted that inventory levels are continuing to fall at a 2 % monthly pace, a rate that is “unprecedented in the last decade.”

The piece also touches on a recent NAR survey that highlighted a shift in buyer behavior. About 35 % of respondents now report that they are “looking for a home but are not in a hurry,” a change from 48 % in September. This suggests that buyers are adopting a more cautious stance, likely due to rate uncertainty.

Expert Commentary: Voices from the Industry

NAR President and CEO, Dr. Maya Patel, expressed cautious optimism: “The rebound in existing‑home sales indicates that buyers are willing to take advantage of the slightly lower mortgage rates and the still‑tight inventory. However, we remain vigilant as the market’s trajectory is closely tied to the Federal Reserve’s policy decisions.”

A spokesperson for the Mortgage Bankers Association also commented, noting that “the current rate environment still presents affordability challenges for many first‑time buyers, but the moderate rise in sales signals that the market is gradually adjusting.”

Comparative Lens: Looking Back and Ahead

The Reuters report situates November’s numbers within a broader 12‑month context. From November 2024 to November 2025, the market experienced a 10 % decline in sales volume, primarily due to the summer‑summer slowdown when rates were highest. Yet, the moderate rebound in November suggests that the housing market may be entering a new phase of resilience, particularly if the Fed maintains rates at or below 6.5 % in the coming months.

In addition, the article cross‑references the S&P/Case‑Shiller Home Price Index, which had registered a 1.2 % year‑over‑year decline in November. This aligns with the NAR’s median price drop, indicating that price pressures are easing.

Takeaway for Consumers and Investors

For homebuyers, the modest rise in sales, coupled with slightly lower rates, presents a window of opportunity—especially given the low inventory, which keeps prices from falling sharply. Buyers may still need to navigate higher financing costs, but the market is gradually adjusting.

For investors, the data underscore a cautious but potentially rewarding environment. While the market is still below the 2023 highs, the slight uptick in volume and inventory trends suggest a gradual normalization that could herald renewed opportunities in select markets, especially in regions that have seen sustained price growth despite national rate hikes.

Bottom Line

The Reuters article paints a picture of a U.S. housing market in a delicate dance—recovering from the turbulence of higher mortgage rates, but still constrained by low inventory and evolving buyer sentiment. The moderate increase in existing‑home sales in November 2025 offers a glimmer of hope that the market is finding equilibrium, though it remains clear that the path to a robust, sustainable rebound will depend heavily on the Federal Reserve’s monetary policy and broader economic conditions.