Quick Facts
U.S. existing-home sales rose 3.4% month-over-month and 2.9% year-over-year to a seasonally adjusted annual rate of 3.96 million units, exceeding economists’ expectations for the month and marking the first annual gain since July 2021, according to the National Association of REALTORS® (NAR). Lower mortgage rates in late summer and early fall helped sales increase across all four regions.
New Listings in the North Texas region were up 5.4 percent to 11,238. Pending Sales increased 3.1 percent to 7,143. Inventory grew 20.6 percent to 40,963 units
Prices moved higher as Median Sales Price was up 2.8 percent to $375,000. Days on Market increased 22.9 percent to 59. Months Supply of Inventory was up 18.9 percent to 4.4, indicating that supply increased relative to demand.
The number of homes for sale continues to improve nationwide, climbing 0.7% month-over-month and 19.1% year-over-year to 1.37 million units heading into November, for a 4.2-month supply at the current sales pace, according to NAR. Despite a wider selection of properties on the market, sales prices have remained strong at the national level, with a median existing-home price of $407,200 as of last measure, a 4% increase from the same time last year.