It may still be a small decline in rates, but would-be buyers and sellers alike seem to be responding to the change in the market. Redfin is reporting that listing, pending sales and prices all increased in November—and in some cases hitting levels not seen in a year.
New listings were up 1.3 percent month-over-month to the highest level since October 2022 and increased 0.1 percent from a year earlier—the first gain in a year and a half. Active listings grew 3.9 percent month-over-month—the biggest increase since July 2022.
Pending home sales also rose, up 2 percent month-over-month in November to the highest level in a year on a seasonally adjusted basis, and fell 0.1 percent from a year earlier. Closed sales, however, hovered near their recent low, practically unchanged from a month earlier but down 5.4 percent from a year earlier.
The median U.S. home sale price was $408,732 in November, up 3.7 percent from a year earlier—the biggest jump since October 2022—and down 1.1 percent from a month earlier.