Cover of the NAR Monthly Research Update report

Each month, the Research Update report provides a summary of the data, reports, blog posts, and instant reactions produced by NAR's research team.

November 2024

Data

Existing-Home Sales

Existing-home sales rose in October. Sales improved in all four major U.S. regions. Year-over-year, sales elevated in three regions but were unchanged in the Northeast. Total existing-home sales expanded 3.4% from September to a seasonally adjusted annual rate of 3.96 million in October. Year-over-year, sales progressed 2.9% (up from 3.85 million in October 2023).

Pending Home Sales

Pending home sales ascended in October – the third consecutive month of increases. All four major U.S. regions experienced month-over-month gains in transactions, with the Northeast leading the way. Year-over-year, contract signings increased in all four U.S. regions, led by the West. The Pending Home Sales Index (PHSI elevated 2.0% to 77.4 in October. Year-over-year, pending transactions expanded 5.4%. An index of 100 is equal to the level of contract activity in 2001.

Housing Affordability Index

Housing affordability rose to 105.5 in September from 99.1 in August. An index above 100 means that a family with a median income has more than the income required to afford a median-priced home.

REALTORS® Confidence Index

59% of respondents reported that properties sold in less than one month. This is up slightly from a month ago (57%) and down from 66% in October 2023. First-time buyers represented 27% of buyers, up slightly from last month and down from 28% in October 2023. 27% of buyers had all-cash sales, down from 30% one month ago and 29% one year ago.

Reports

Articles From the Economists' Outlook Blog

Instant Reactions

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