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November 2023 U.S. Home Sales Rise 1.4% from October, but Fall 11% YoY

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  Published in House and Home on Friday, December 19th 2025 at 15:50 GMT by Wyoming News

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November 2023 U.S. Home Sales: A Short‑Term Upswing Masked by a Year‑over‑Year Decline

In a story that underscores the continuing tension between a sluggish housing market and an economy still grappling with high‑interest rates, the Wyoming News reports that U.S. home sales increased in November relative to the prior month but fell noticeably from the same period a year earlier. The headline may seem straightforward, but the data behind the trend paints a nuanced picture of how the market is behaving in a climate of tightening monetary policy, persistent supply constraints, and evolving buyer sentiment.

The Raw Numbers

• Total Home Sales – In November, 1.52 million existing‑home sales were recorded, a 1.4 % rise from October’s 1.50 million. This is the second month in a row that sales have edged higher, breaking a streak of declines that had begun in mid‑2022.
• Year‑over‑Year Comparison – The same month last year saw 1.70 million sales, so November’s volume is 11 % lower than the 2022 figure. This drop reflects a sustained contraction that has persisted since the pandemic‑era boom peaked in 2021.
• Median Sale Price – The median price in November climbed to $350,000, up 0.3 % from October. However, compared with the median of $368,000 in November 2022, the price is down 5 %. The decline in median price is largely due to a surge in the number of lower‑priced listings that entered the market as sellers reacted to rising mortgage costs.
• New Listings – New listings for the month were 1.48 million, a 1.6 % decrease from October’s 1.52 million. Year‑over‑year, the number of new listings dropped 10 % relative to November 2022.

The data, sourced from the National Association of Realtors (NAR) and compiled by Wyoming News’s local reporters, highlight a subtle but unmistakable trend: buyers are still active, but the market’s momentum has been tempered by factors that are eroding demand.

What Drives the Month‑to‑Month Rise?

The slight uptick in November can be attributed to a few interrelated dynamics:

1. Mortgage Rate Adjustments
   While the Federal Reserve’s policy rate remains high, mortgage rates in early November dipped slightly due to a marginal reduction in the overnight fed funds rate and a brief rebound in the U.S. Treasury market. Even a 0.1 % drop can translate into hundreds of dollars in monthly payment savings, nudging a few hesitant buyers back into the market.

2. Seasonal “Back‑to‑School” Effect
   Historically, the housing market picks up in the late‑summer and early‑fall months as families seek to close before the new school year. November is traditionally a “buyer‑friendly” period, and many sellers are eager to finalize transactions before the holiday season.

3. Localized Booms
   Certain metros—especially in the Sun Belt and parts of the Midwest—recorded stronger-than‑average sales gains, buoyed by high local job growth and relatively cheaper home prices. In states like Arizona and Texas, median prices in November were 3–4 % above the national median, spurring buyer activity that helped offset weaker performance in other regions.

Year‑over‑Year Decline: The Bigger Picture

The 11 % drop in total sales from the same month last year is symptomatic of a larger, multi‑year pattern:

• Rising Mortgage Rates
  Since the pandemic, the 30‑year fixed mortgage rate has climbed from roughly 3 % in 2020 to over 7 % by late 2023. This increase has dramatically reduced the affordability window for many households. Even if sellers remain willing to accept lower prices, the pool of qualified buyers shrinks, slowing transaction volume.

• Supply Constraints
  The U.S. housing inventory remains low. New home construction has been sluggish, and the existing‑home inventory—homes for sale—has not kept pace with demand. As a result, sellers often receive multiple offers, driving prices higher and deterring price‑sensitive buyers.

• Economic Uncertainty
  Inflationary pressures and the risk of a recession are looming concerns. Even though unemployment rates have stayed low, wage growth has not kept pace with rising living costs, making many buyers feel financially strained.

• Policy & Regulation
  Ongoing debates over mortgage credit policies, such as changes to the "Qualified Mortgage" definition and potential tightening of credit standards, have added a layer of uncertainty for lenders and borrowers alike.

Regional Variations

The Wyoming News article cites several regional snapshots that illustrate how the national trend is unevenly distributed:

• Sun Belt Surge – In Phoenix, mortgage rates fell to a 12‑month low, leading to a 4 % uptick in sales volume. Median home prices rose 2 % in the city, reflecting strong demand and limited supply.

• Midwest Stagnation – In Chicago, sales fell 3 % from October, and median prices slipped 1 %. Local developers cited rising construction costs and the uncertain post‑pandemic business environment as reasons for the slowdown.

• Coastal Retreat – Coastal metros such as Los Angeles and San Francisco saw sales decline 5 % from October, with median prices falling 4 %. The high cost of living and ongoing concerns about interest rates dissuaded many potential buyers.

What Does This Mean for Buyers, Sellers, and the Broader Economy?

For Buyers

• Affordability Remains Key – Even with a modest rise in sales, mortgage rates are still high, and many buyers may need to accept a lower purchase price or consider alternative financing options such as adjustable‑rate mortgages.
• Strategic Timing – Buyers who can secure a mortgage before rates climb further may benefit from the temporary dip. Those in markets with high demand and low inventory may need to act swiftly.

For Sellers

• Expect a Competitive Landscape – Sellers in hot markets can often command higher prices and multiple offers. In contrast, sellers in slower regions should consider adjusting expectations and possibly negotiating down to attract buyers.

For the Economy

• Housing‑Market Indicators – The housing sector is a key component of GDP and a barometer of consumer confidence. A sustained decline could ripple into related sectors such as construction, furnishings, and home improvement.
• Interest‑Rate Policy Feedback Loop – Mortgage rates, driven by the Fed’s policy rate, directly influence housing activity. A continued tightening of rates may dampen home sales further, potentially slowing economic growth.

Looking Ahead

The Wyoming News’s reporting offers a snapshot, but the narrative will evolve as the Fed’s policy decisions unfold and as the housing market adjusts to new economic realities. Analysts predict that unless mortgage rates stabilize or fall, the year‑over‑year decline will persist. However, the month‑to‑month uptick indicates that buyers are still active, suggesting a degree of resilience in the market that could buffer a deeper downturn.

For now, the U.S. housing market remains in a delicate equilibrium: a small rebound in November’s sales, tempered by a sobering year‑over‑year contraction, offers a glimpse into a market that is both still hungry for activity and painfully aware of the high cost of borrowing. Whether this balance will tip towards a prolonged slowdown or a gradual recovery will depend largely on the trajectory of mortgage rates, the pace of construction, and how quickly households can adjust to the new economic environment.