2nd Look at Local Housing Markets in November
Tracking local data gives an early look at what happened the previous month and also reveals regional differences in both sales and inventory.
November sales will be mostly for contracts signed in September and October, and mortgage rates averaged 6.35% in September and 6.25% in October (lower than for closed sales in October).
Closed Sales in November
In November, sales in these markets were down 5.7% YoY. Last month, in October, these same markets were up 2.8% year-over-year Not Seasonally Adjusted (NSA).
Important: There was one fewer working days in November 2025 (18) as in November 2024 (19). So, the year-over-year change in the headline SA data will be more than the change in NSA data (there are other seasonal factors).
Notes for all tables:
New additions to table in BOLD.
Northwest (Seattle), Jacksonville Source: Northeast Florida Association of REALTORS®
Totals do not include Atlanta and Denver (included in state total)
Comparison to 2019 ONLY includes local markets with available 2019 data!
For the previous month (October), there were the same number of working days in October 2025 (22) as in October 2024 (22). So, the year-over-year change in the headline SA data was similar to the change in NSA data (there are other seasonal factors)
Sales in all of these markets are down sharply compared to November 2019.
This graph shows existing home sales by month for 2024 and 2025, on a Seasonally Adjusted Annual Rate (SAAR) basis. Last year, the NAR reported sales in November 2024 were at 4.17 million SAAR.
The data released so far suggests that November existing sales (as reported seasonally adjusted by the NAR) might be unchanged or down slightly year-over-year.
New Listings in November
For these areas, new listings were down 6.1% year-over-year.
Last month, new listings in these markets were up 7.5% year-over-year.
New listings are still down 16% compared to October 2019 activity for these markets.
Active Inventory in November
Inventory was up 9.8% year-over-year. Last month inventory in these markets was up 16.4% YoY.
Comparing to October 2019, inventory is up sharply in Denver and Phoenix, and down in Grand Rapids and San Diego. There are significant regional differences in inventory.
This was just several more early reporting markets. Many more local markets to come!