Home Prices Ease Amid Declining New Listings, Sales, Inventory

Posting the lowest Median Sales Price in eight months, November home sales dropped from October levels and the number of homes for sale fell slightly.

Indicative of the usual year-end slowdown, home sales in November dropped by 9.8% compared to October and declined 6.5% versus the same period last year. This decline can also be attributed to rising interest rates most of this year and last. Interest rates have decreased over the last two months, which could result in more activity in the market.

The number of homes for sale changed slightly – dropping 1.6% from October and declining 2.6% compared to November 2022.

Across the 52 metro areas surveyed, homes sold for a median price of $405,000, which was $5,000 less than in October but $13,000 higher than in November 2022. New listings, though up 1.5% year over year, were down 19.1% from October.

Read the full article…

Watch the 32 second summary video…