November US homes sales rose from the previous month, but down from 2024 as prices climb

A "For Sale" sign is displayed in front of a home in Prospect Heights, Ill., Monday, Dec. 15, 2025. Photo by Nam Y. Huh /AP

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Sales of previously occupied U.S. homes rose in November from the previous month, but slowed compared to a year earlier for the first time since May despite average long-term mortgage rates holding near their low point for the year.

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Existing home sales rose 0.5% in last month from October to a seasonally adjusted annual rate of 4.13 million units, the National Association of Realtors said Friday.

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Sales fell 1% compared with November last year. The latest sales figure came in slightly below the 4.14 million pace economists were expecting, according to FactSet.

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Through the first 11 months of this year, home sales are down 0.5% compared to the same period last year.

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“It’s possible that 2025, unless December (sales) figures really improve, we may be technically slightly down from one year ago,” said Lawrence Yun, NAR’s chief economist.

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Despite sluggish sales, home prices continued to climb last month. The national median sales price increased 1.2% in November from a year earlier to $409,200, an all-time high for any November on data going back to 1999.

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Home prices have risen on an annual basis for 29 months in a row, even as the housing market has been mired in a slump that began in 2022 when mortgage rates began climbing from historic lows. Sales of previously occupied U.S. homes sank last year to their lowest level in nearly 30 years.

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Sales have been stuck at around a 4-million annual pace now going back to 2023. That’s well short of the 5.2-million annual pace that’s historically been the norm.

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Home sales got a boost this fall as the average rate on a 30-year mortgage declined at the end of October to 6.17%, the lowest level in more than a year.

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Even so, affordability remains a challenge for many aspiring homeowners, especially first-time buyers who don’t have equity from an existing home to put toward a new home purchase. Uncertainty over the economy and job market are also keeping many would-be buyers on the sidelines.

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A shortage of homes for sale, especially in the more affordable end of the market, continues to weigh especially on first-time homebuyers. They accounted for 30% of homes sales last month. Historically, they made up 40% of home sales.

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An annual survey of homebuyers by NAR showed first-time buyers accounted for an all-time low 21% of home purchases between July 2024 and June 2025, while the average age of such homebuyers rose to a record-high of 40.

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Homes purchased last month likely went under contract in September and October, when the average rate on a 30-year mortgage ranged from 6.5% to 6.17%, according to Freddie Mac. Mortgage rates have mostly remained close to their October low in recent weeks.