U.S. Home Sales Rise in November 2024, But Year-Over-Year Decline Reaches 14.8%

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  Published in House and Home on Friday, December 19th 2025 at 11:12 GMT by Seattle Times
      Locale: UNITED STATES

U.S. Home Sales in November 2024: A Mixed Picture of Monthly Gains and Year‑Over‑Year Decline Amid Rising Prices

In a data‑heavy month that underscored the growing tension between affordability and demand, U.S. home sales rose for a second month in a row in November 2024, but the overall trend remains downward when compared with the same period a year ago. The Seattle Times’ analysis of the National Association of Realtors (NAR) data, supplemented by a host of industry reports and mortgage‑rate trackers, paints a nuanced portrait of a housing market still grappling with elevated prices and stubbornly high mortgage rates.

1. Monthly Growth vs. Year‑Over‑Year Loss

The core headline of the article is that 1,010,000 homes were sold in November, a 1.5% increase from the 997,000 sold in October. While a monthly uptick is encouraging, the real headline is the year‑over‑year comparison: November sales were 14.8% lower than the 1,166,000 units sold in November 2023. That year‑over‑year drop is the largest since early 2020, indicating that the market’s momentum has shifted from a “boom” to a more cautious stance.

The NAR’s “Monthly Housing Market Activity” report, linked in the article, shows the following key metrics:

The uptick in median price is a double‑edged sword. It suggests sellers can command more money, but it also makes homes less affordable for buyers, especially those priced out by the rising rates.

2. Prices Continue to climb

The article highlights that the median home price has crept up a further 2.4% from October to November, reaching $345,000. That’s a 4.5% climb from the previous year, as shown by the NAR’s Home Price Index. The price surge is most pronounced in the lower‑to‑mid‑range market, where inventory is scarce.

Freddie Mac’s “Single‑Family Housing Finance Market” report, cited in the article, points to a “continued tightening of supply.” Inventory is currently at a 1.9‑month supply level—one of the lowest on record since the 2006 housing boom. With fewer homes available, sellers can still push prices higher even as buyers become more cautious.

3. Mortgage rates: a key driver

The article underscores that mortgage rates remain a crucial barometer for the housing market. The 30‑year fixed‑rate average for November 2024 sits at 7.3%, up 0.5 percentage points from October. The article links to a Bloomberg piece that tracks the “Nationwide Mortgage Rate” trend, noting that the rates have plateaued near a 7% plateau rather than the steep decline seen in 2023.

Higher rates have a two‑fold effect: they reduce borrowers’ purchasing power and dampen the overall demand for homes. According to the NAR, the “average purchase price of homes financed with a mortgage” has risen from $350,000 in October to $355,000 in November, a 1.4% increase, largely due to the higher interest costs that lenders pass onto buyers.

4. Regional disparities

While the article presents a national overview, it also dives into regional variations that help explain why the national numbers may mask pockets of resilience or distress. For example, the Midwest and South continue to see stronger sales growth—up 2% and 1.5% month‑over‑month, respectively—thanks in part to lower cost of living and less aggressive rate hikes.

In contrast, the Northeast and West, where median prices exceed $500,000 in many metro areas, have seen a sharp decline in sales, down 3% month‑over‑month. The article links to a Zillow “Regional Housing Report” that shows that in cities like New York and San Francisco, inventory levels have dipped to a 0.8‑month supply, making it near impossible for buyers to secure a purchase at the current price levels.

5. Affordability and future outlook

One of the article’s most compelling sections is its discussion of affordability. The U.S. Department of Housing and Urban Development’s (HUD) “Affordability Index” is cited, showing a decline from 48.2 in October to 47.6 in November—below the 50‑point threshold that signifies moderate affordability. In the context of rising prices and rates, the index indicates that many households are becoming increasingly squeezed.

The article quotes a senior analyst from the NAR, who notes that “the market has reached a point where buyer demand is not fully suppressed, but the balance has tipped toward a softer equilibrium.” The analyst predicts that if mortgage rates remain above 7% for the next quarter, we may see a gradual, but steady, decline in sales volume as buyers delay decisions or look to rent instead.

Conversely, if rates dip below 6.5%—a scenario the article deems unlikely in the near term—sales could rebound faster, especially in the high‑price tiers where buyers are more sensitive to interest rates than to price hikes.

6. What’s next for buyers and sellers?

The article concludes with practical takeaways for both sides of the market:

Final thoughts

The Seattle Times article provides a thorough, data‑rich snapshot of a market at a crossroads. November’s modest monthly sales growth is encouraging but ultimately dwarfed by the 14.8% year‑over‑year decline. Rising median prices, persistent high mortgage rates, and a chronic shortage of inventory all conspire to keep the housing market in a state of cautious equilibrium.

For buyers, the window for optimal timing is narrowing; for sellers, the market still offers the potential to earn above‑market returns, provided they price appropriately and consider the evolving financial landscape. As the industry watches for any signs of rate easing, the next several months will likely be critical in determining whether the U.S. housing market stabilizes or continues its gradual cooling trajectory.