According to the National Association of Realtors This Week in Real Estate, October existing home sales rose 1.2% to a seasonally adjusted annual rate of 4.10 million, marking the highest level since February. Year‑over‑year sales increased 1.7%, with gains in the Northeast, South, and Midwest offset by a decline in the West. Inventory stood at 1.52 million units, up 10.9% from last year, representing a 4.4‑month supply. Homes averaged 34 days on market, while first‑time buyers accounted for 32% of purchases, up from 27% a year ago. The median sales price climbed to $415,200, a 2.1% annual increase, marking the 28th consecutive month of price appreciation and setting a record high for October. Pending home sales also reached a multi‑year high. While last week recorded a modest 2% decline from the prior week, pending sales remained 26% higher than a year earlier, extending a streak of 16 consecutive weeks of double‑digit growth in purchase applications, according to HousingWire. The broader economic backdrop remains steady. The delayed September jobs report from the Bureau of Labor Statistics showed the U.S. added 119,000 nonfarm payrolls, exceeding expectations after August’s downward revision. The unemployment rate edged higher to 4.4%, the highest since October 2021, while average hourly earnings rose 0.2% month‑over‑month and 3.8% year‑over‑year. These figures underscore a slowing of the U.S. labor market, though one that is still expanding. Below are key events from the third week of November impacting our business:
TOTAL PENDING HOME SALES REACH MULTIYEAR HIGH WITH MORTGAGE RATES NEAR 6%. The housing market experienced a slightly positive shift mid-June and is ending 2025 on even more positive news. Existing home sales have shown four consecutive months of year-over-year growth and our total pending home sales data has just reached a multi-year high for this calendar week. By tracking weekly housing demand, we can see that while mortgage rates spiked at the end of last year, this year we have benefited from rates remaining below 6.64% for the last 16 weeks. Our weekly pending sales data indicate that these homes are going into contact and will most likely be included in the existing home sales report 30-60 days later. The two prior weeks before this week showed 15%+ year-over-year growth, even as the growth rate is slowing down. We’ve had 16 weeks of testing the housing data in 2025 with mortgage rates under 6.64% and 16 consecutive weeks of double-digit, year-over-year growth in purchase apps. Last week saw a 2% decrease from the previous week, but a 26% year-over-year increase. Housing inventory growth during the prime selling season increased by 33% year over year, but the growth rate has cooled off to 15.5%. As housing demand picked up slightly and new listings began to decline, the growth rate percentage of inventory has slowed by half but remains up year over year for a healthier market. Read the full story here.
US EMPLOYERS ADDED 119,000 JOBS IN SEPTEMBER. In a delayed report on job growth from the Bureau of Labor Statistics (BLS) on Nov. 20, U.S. employers added 119,000 jobs in September, with the unemployment rate rising slightly to 4.4%. Employment continued to trend up in healthcare, food services and drinking places, and social assistance. Job losses occurred in transportation and warehousing and in the federal government. “The delayed report (numbers are) much higher than the 50,000 jobs economists had forecast,” commented Realtor.com® Senior Economist Jake Krimmel. “Unemployment, on the other hand, was higher than anticipated, while wage growth stayed modest, ticking up just 0.2% month-over-month. Read the full story here.
EXISTING HOME SALES RISE IN OCTOBER. Existing home sales rose to an eight-month high in October as buyers took advantage of lower mortgage rates, according to the National Association of Realtors (NAR). Total existing home sales, including single-family homes, townhomes, condominiums, and co-ops, rose 1.2% to a seasonally adjusted annual rate of 4.10 million in October, the highest level since February. On a year-over-year basis, sales were 1.7% higher than a year ago. On a year-over-year basis, sales were up in the Northeast (4.3%), South (2.8%) and Midwest (2.1%), while down in the West (-2.6%). The existing home inventory level was 1.52 million units in October, down 0.7% from September but up 10.9% from a year ago. At the current sales rate, October unsold inventory sits at a 4.4-months’ supply, down from 4.5-months in September but up from 4.1-months in October 2024. Homes stayed on the market for a median of 34 days in October, up from 33 days last month and 29 days in October 2024. The first-time buyer share was 32% in October, up from 30% in September and 27% from a year ago. The October median sales price of all existing homes was $415,200, up 2.1% from last year. This marks the 28th consecutive month of year-over-year increases. Read the full story here.
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